What is an Owner’s Corporation?
An owners corporation (formerly body corporate) is a body of owners that manage the common property of a residential, commercial, retail, industrial or mixed-use property development. The common property is defined as any property not on title to any one particular owner include stairs, paths, elevators, lobbies, driveways, pools, common garden areas and other facilities set up for use by owners and occupiers.
An Owners Corporation may be created in any subdivision - residential, retail, commercial, industrial or mixed use. More than one owners corporation can be created in a subdivision of land or buildings.