An Owners Corporation (formerly known as Body Corporate) is responsible for managing the common areas of a property where multiple owners have access. This is most common if you have purchased within a unit or apartment complex and share gardens, pathways, driveways or fences with owners of other units.
It is also becoming more common for new developments to have an Owners Corporation registered where there is exclusive access given to a gym or Country Club within the Estate.
The role of an Owners Corporation is to manage, maintain and repair the common property. As an Owner of a Lot within these types of complexes, you will become a Member of the Owners Corporation.
If your unit is part of a two-unit development, you are not required to form an Owners Corporation.
Further information in regards to Owners Corporations can be found on the Consumer Affairs website
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