What is a Corporation?

What is a Corporation?

The Corporation is the legal entity comprised of all owners within a strata or community property.

When you purchase a unit (strata) or lot (community), you automatically become part of the Corporation.

Responsibilities

The Corporation is legally responsible for the overall management, administration and maintenance of the strata or community scheme and the common property.

This includes financial management, arranging insurance, conforming to strata law and articles (the rules), record keeping, ongoing maintenance and managing repairs of common property.

As a lot owner, and part of the Corporation, you also share the ownership and responsibilities of common property with other owners in the scheme.

The Corporation should hold regular meetings to discuss the scheme’s management and decide on a course of action to manage tasks required.

To enable quicker and more precise decision making in your Corporation, every year you can nominate yourself, or vote for candidates, to form the Management Committee at the Annual General Meeting (AGM), who will in turn represent all owners.

It is in your best interest to attend these meetings, especially the AGM. You have a right to participate in the decision making of your scheme and influence how your community functions.

We Can Help

To create a better lifestyle for people living & investing in commuities

Get A Quote Today

Find out more
Client Login

Newsletter

Get the latest Strata News, Investment Insights, Lifestyle & Inspiration Tips