Owners Corporation Management
1. Introduction
LDB Property Services Pty. Ltd. is a professional Owners Corporation Manager registered with the Business Licensing Authority of Victoria with Professional Indemnity Insurance of two million dollars as required by the Owners Corporation Act 2006.
Our function is to assist unit and lot owners with the financial, administrative & maintenance functions involved in multi unit ownership and in ensuring that the capital value of the properties which form part of the corporation are enhanced and maintained.
With over twenty five years experience we are fully conversant with the complex legal responsibilities of current legislative requirements and are well qualified with the necessary technical and people skills involved in Owners Corporation management.
As part of the LDB Group of professional companies, we have at our disposal the combined resources and expertise of LDB Property Services, LDB Accountants & Advisors and LDB Financial Services, enabling us to provide, and deliver, a fully comprehensive management service.
All Owners Corporation funds are held in our Trust Account which is subject to mandatory audit on an annual basis.
2. Initial Set Up & Activation of Owners Corporation
- Hold initial Annual General Meeting.
- Arrange Owners Corporation Common Seal
- Notification to Land Victoria of changes to Owners Corporation contact details
- Obtain quotations for Building & Public Liability insurances
- Obtain quotations for all necessary maintenance contracts & other required services.
- Attend to registration of GST & Tax File Number, where required.
- Prepare proposed budget
- Assess Lot entitlements & liabilities under the Plan of Subdivision & set fees.
- Generate Minutes of Meeting
- Arrange preparation & installation of Owners Corporation Plaque.
- Establish Grievance Procedure for dispute resolution
- Prepare Model Rules & attend to Registration of Rules with Land Victoria, where required
- Prepare Maintenance Plan (for Prescribed Owners Corporation).
- Set up & maintain sinking fund, where required.
3. General Management Services
- Maintaining of Books of Account to include;
- Annual Income and Expenditure Statement
- Annual Profit and Loss Statement
- Balance Sheet
- Annual Budget
- Maintain Owners Corporation Minute Book.
- Record and maintain Owners Corporation Members Register.
- Collection of Owners Corporation fees and levies and payment into Trust Account. Includes issuing of notices for fees & levies
- Generate invoices to debtors, where applicable and collection of payment.
- Arrange payment of creditors from Owners Corporation funds.
- Ensure service and maintenance agreements for fire service, sprinkler service, alarm monitoring services etc, where applicable, are current.
- Attendance to Essential Services requirements & maintenance contracts (where applicable)
- Arrange routine general repairs and maintenance of common property.
- Arrange building and public liability insurances, to include quotes for renewal & insurance valuations, (Prescribed Owners Corporation) if requested.
- Convene and conduct Annual General Meeting to include:
- Preparation of financial budget
- Provision of financial statements & reports
- Issuing notices and forms of proxy
- Meeting Agenda
- Distribute copies of Minutes of Annual General Meeting to members.
- Record and maintain Owners Corporation Minute Book.
- Provide general advice pertaining to the Subdivision Act & Owners Corporation Regulations
- Implement grievance procedure.
- Annual site visit / general common area inspection
4. Additional Services
- Set up & activation of Owners Corporation
- Issue Owners Corporation Certificate
- Attendance to Change of Address notification
- Preparation & lodgement of Additional Rules
- Preparation & lodgement of insurance claims
- Arrange & convene Special General Meetings
- Arrange Postal Ballots
- Issue & collect Special Levies
- Attendance to debt recovery
- Arrange major works
- Attendance to arranging emergency repairs
- Attendance to dispute resolution
- VCAT attendance
SAMPLE - OWNERS CORPORATION MANAGEMENTS
Boundary Road, North Melbourne - Office / Warehouse / Showroom development
Moray Street, South Melbourne - Office / Warehouse development
Albert Street, Blackburn - Commercial office development
Whitehorse Road, Mitcham - Commercial Office / Warehouse development
