Are you a new member of the Five Farms community or just looking to refresh your knowledge about living in an Owners Corporation (OC)? Here are some essential points from the updated Owners Corporation Guide that every property owner should know:
An owners corporation, also known as a body corporate or strata corporation, is a legal entity created to manage and govern the common areas and shared amenities of multi-unit properties or developments. It is typically formed when a property is subdivided into individual lots, units, or townhouses, where multiple owners coexist in a single building or plan of subdivision.
An owners corporation committee, also known as a strata committee or executive committee, is a group of owners or representatives elected by the members of the owners corporation at an Annual General Meeting to manage the day-to-day affairs and make decisions on their behalf. The committee serves as a liaison between the owners and the owners corporation.