Don’t Get Caught – Meet Your Original Owner Obligations

The Owners Corporation Act details obligations that the original owner of a new Owners Corporation must meet by the Inaugural General Meeting of the Owners Corporation.

Obligations of the initial owner of land affected by an Owners Corporation include:

  • must act honestly and in good faith and with due care and diligence in the interests of the Owners Corporation in exercising any rights under this Act.
  • must take all reasonable steps to enforce any domestic building contract (within the meaning of the Domestic Building Contracts Act 1995) entered into by the initial owner in respect of land in the plan of subdivision providing for the creation of the Owners Corporation.
  • must convene the first meeting of the Owners Corporation within 6 months of the registration of the plan.
  • must provide all of the following for the purposes of the Owners Corporation:
    1. the Owners Corporation register;
    2. any accounts or records made on behalf of the Owners Corporation;
    3. books to enable the Owners Corporation to keep the necessary minutes, accounts and other records;
    4. the maintenance plan (if any);
    5. a copy of the plan of subdivision and all related building plans, planning documents and other similar documents;
    6. a copy of this Owners Corporation Act and the regulations and the Subdivision Act 1988 and the regulations under that Act;
    7. any contracts, leases and licences binding on or benefiting the owners Corporation;
    8. any insurance policies in force in relation to the property, including any insurance policy taken out under section 9AAA of the Sale of Land Act 1962;
    9. the names of the companies, tradespeople or suppliers who provided a warranty or other guarantee on any matter for which the owners corporation is responsible and copies of those warranties and guarantees;
    10. the common seal of the Owners Corporation.

Contact our team on 5504 2008 or on how we can assist on your project.