VIC- Owners Corp

Discussion in 'Property Management' started by Melbpositivegeared, 11th Mar, 2016.

Join Australia's most dynamic and respected property investment community
Tags:
  1. Melbpositivegeared

    Melbpositivegeared Well-Known Member

    Joined:
    23rd Jan, 2016
    Posts:
    114
    Location:
    Melbourne
    I'm looking to purchase a block of units that are on seperate titles, and going through the section 32 I can see there's no Owners Corp set up. Is this legal? Should it be done at the time of strata titling?
    I plan to settle across 2 different trusts. I don't know how this could work?
    How much would it cost to set this up and should the seller be doing that?
     
    Melbpositivegeared, 11th Mar, 2016
    #1
  2. Purple Patch

    Purple Patch Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    160
    Location:
    Darwin
    How old is the building? If it is old and has been owned by the one entity for a while, there may be a body corp / owners corp set up and it may be inactive.
    Ask who they are insuring the property with and under what entity, you may find it is insured under the original body corp registration and the current owner does not actively run the body corp.
    Cheers
    PP
     
    Purple Patch, 11th Mar, 2016
    #2
  3. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    13,527
    Location:
    Melbourne
    1. How many units (ie more than 2?)
    2. Any common land?

    The Y-man
     
    The Y-man, 11th Mar, 2016
    #3
    Fitzy1903 likes this.
  4. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    1,445
    Location:
    Melbourne
    2 units don't require an active body Corp.
     
    Cactus, 11th Mar, 2016
    #4
Self-Managed Super – Super your way

PFI provide our clients with the opportunity to purchase an investment property, together with performing equity investments from a wide range of ASX listed securities some providing monthly income. This is the value of advice.