Noob here needing some help on owners corp related information.
1. I am looking at a unit that although there is an owners corporation, the S32 does not contain owners corp minutes because 'there is no active owners corporation'. However, there is an owners corp certificate and liability insurance info. Is this something I should be concerned about, or is this common place?
2. I am interested in a different property whereby the S32 states 'The land is NOT affected by an owners corporation within the meaning of the Owners Corporation Act 2006. However, XX address Pty Ltd. operates as a service company performing the functions of an Owners Corporation. See attached documents'. Is this something I should be concerned about? In addition to this, the agent is currently unable to obtain a 'Company Certificate in respect of the Service Company' and hopes to have this to me by tomorrow (auction is on Sunday!). Should alarm bells be ringing? I have forwarded this on to my solicitor for info but would welcome your thoughts.
1 is this a self-managed block of units?
2 is this a company titled block of units?1. I am not sure – the doc states "NIL" next to the statements about having appointed or intention to appoint a manager, and also next to whether there is an administrator appointed – does this help answer your question? Also, there is NIL funds held by the owners corp, so I am assuming this is a bit questionable?
Re: company titled. I am not sure – how can I tell this? On the contract of sale it lists an individual as the vendor. It looks like at some stage it was company titled as there is an old record of shares being purchased. This one definitely seems like one for the solicitor!
1. An O/C Certificate cannot be provided if the O/C has not been activated yet. An O/C is activated as soon as the plan of subdivsion [PS] creating the lots is registered at the Titles Office. Easiest way to check is to ascertian if the PS has been registered yet. There may well be a PS in the S32 but it could be a draft paln. Look at the bottom right hand corner of the PS to see if it has been registered, if it has it will be signed and dated by the Titles Office.
If the plan for your lot has been registered then the O/C is created but may not have had its first meeting.
2. I'm sure the documents you recieve will provide the clarity you are looking for.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
