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GormanKelly – Changes to Owners Corporation Rules

By | 21/12/2021

changes-to-owners-coporation-dec-21

Significant changes to the way Owners Corporations operate in Victoria came into effect as of 1 December 2021.

These amendments affect anyone who owns a property covered by an Owners Corporation as well as property developers and OC managers.

In particular, the reforms introduced a 5 tiered system for OCs with different levels of administration being required regarding financial statements, maintenance plans and funds management depending on the number of lots covered by the OC.

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You can read more about these important rule changes on the Consumer Affairs website here:

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David Ryan

Written by David Ryan 

Following an extensive career in retail management, David has 18 years in both selling and managing commercial property across Melbourne. He holds a university double major in chemistry and has a keen eye for detail.

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