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Classes of owners corporations

Depending on their size, owners corporations have different levels of responsibilities and duties. Most owners corporations have the obligations that are set out in this Guide, but two-lot subdivisions are exempt from many requirements and prescribed owners corporations have additional obligations.

Two-lot subdivisions

Owners corporations operating in two-lot subdivisions are exempt from the:

  • Requirements for the notices of fees
  • Procedures for meetings and decision making
  • Keeping records and an owners corporation register
  • Taking out insurance in the name of the owners corporation

Owners corporations containing two lots still need to prepared owners corporations certificates and maintain common property.

Prescribed owners corporations

  • Have more than 100 lots, or
  • Collect more than $200,000 in annual fees per financial year. Separate owners corporations for storage lots, car parking lots and accessory lots are included in the fee total for this purpose. Annual fees include the fees for general administration and maintenance and contributions to maintenance plans but do not include extraordinary fees.

In addition to the requirements described in this Guide, a prescribed owners corporation must also:

  • Establish a maintenance plan
  • Have financial statements audited every year, and
  • Obtain a valuation every five years of all buildings it is required to insure.

 

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