Owners Corp not functioning, strata insurance cancelled

Discussion in 'Property Management' started by Tattler, 7th Oct, 2017.

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  1. Tattler

    Tattler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    905
    Location:
    Sydney
    Hi all,

    I have this issue which requires some advise from you. Hopefully someone here can assist.

    I bought a 3 bedder townhouse at Reservoir VIC settled in June this year. It is 1 of 3 properties in the complex where only 2 (including mine) of the townhouses shared the same driveway, which is the only common area. Those 2 were owned and built by the vendor and he was the chairman of the Owners Corp for both properties, as per Owners Corp of S32 of contract.

    The Owners Corp certificate advised that the strata insurance (covering building + common driveway) has been paid up to early July this year, with address of owners corp provided, but not phone number.

    After settlement, I was expecting to hear from Owners Corp to ask me to pay for the strata insurance. However I heard nothing, until very recently, after a number of chasing with my previous conveyancer, and ringing the insurance companies as stated in the S32, it was discovered that the original vendor sold both properties and cancelled the insurance in July, without ever notifying us.

    I asked the conveyancer where they received confirmation that Owners Corp acknowledged us being added to the Owners Corp register, they said no, but they said that they did send a letter to Owners Corp advising the change of owners. They asked me to start looking at who owns those other 2 properties via VIC Landdata (which I would need to pay at my own cost) and tried to contact them, and get insurance straightaway to cover liability immediately (which I cannot share cost yet as I don't know who the other two owners are).

    So right now the Owners Corp is not functioning and I don't have a clue how best to start, especially this is my first ever IP with Owners Corp. What would the best way to go about it?
     
  2. bunkai

    bunkai Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    783
    Location:
    Sydney
    Given the unknowns - I'd suggest speaking to a competent strata manager to get things properly established then you can decide how to manage ongoing. They can work out where things stand and then you can work out a plan.
     
    Kassy, Scott No Mates and Gockie like this.
  3. teetotal

    teetotal Well-Known Member

    Joined:
    7th Nov, 2015
    Posts:
    736
    Location:
    Sydney
    Your property is in VIC so not sure of any online link but for NSW most of the information can be found here -
    NSW Legislation
    I know its not exactly relevant for your property in VIC but hopefully will give you some insights.