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All owners corporations are required to issue an owners corporation certificate to any person who submits a written application accompanied by a fee of up to $150 per certificate. The owners corporation certificate must be prepared and supplied within 10 business days.
It is very important that the information contained in the owners corporation certificate is accurate as it will form part of the vendors statement or section 32 required for the sale and purchase of a lot.
If there are any applications for an owners corporation certificate for a lot that is affected by more than one owners corporation, there will need to be a certificate prepared for each owners corporation.
The owners corporation certificate must contain the following information:
a) The current fees for the lot for each quarter or annually
b) The date up to which the fees for the lot have been paid
c) The total of any unpaid fees or charges for the lot
d) Any special fees or levies which have been struck and the dates on which they are payable
e) Any repairs, maintenance or other work which has been or is about to be performed which may incur additional charges to those set out in (a) to (d)
f) In relation to the owners corporation’s insurance cover:
(i) The name of the insurance company
(ii) The number of the policy
(iii) The kind of policy
(iv) The buildings covered
(v) The building amount
(vi) The public liability amount
(vii) The renewal date
g) If the owners corporation has resolved that the members may arrange their own insurance under section 63 of the act, the date of this resolution
h) The total funds held by the owners corporation
i) Whether the owners corporation has any liabilities or contingent liabilities (in addition to any such liabilities specific in paragraphs (a) to (d)) and, if so, the details of those liabilities
j) Details of any current or proposed contracts, leases, licences or agreements affecting the common property
k) Details of any current or proposed agreements to provide services to lot owners, occupiers or the public
l) Details of any notices or orders served on the owners corporation in the last 12 months
m) Details of any legal proceedings to which the owners corporation is a party, or any circumstances which may give rise to legal proceedings to which the owners corporation would be a party
n) Whether the owners corporation has appointed, or has resolved to appoint, a manager and, if so, the name and address of the manager
o) Whether an administrator has been appointed for the owners corporation, or whether there has been proposal for the appointment of an administrator
p) Total lot entitlement and lot liability
The owners corporation certificate must include a statement that further information can be obtained by an inspection of the owners corporation register. The certificate must also have the following documents attached:
- A copy of resolutions made at the last annual general meeting
- A copy of the owners corporation rules registered at Land Victoria
- A copy of the “State of Advice and Information for Prospective Purchasers and Lot Owners” that is contained in Schedule 3 of the Owners Corporations Regulations 2007.
