Join Australia's most dynamic and respected property investment community

VIC- Owners Corp

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

Tags:
  1. Melbpositivegeared

    Melbpositivegeared Well-Known Member

    Joined:
    23rd Jan, 2016
    Posts:
    72
    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?
     
  2. Purple Patch

    Purple Patch Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    59
    Location:
    Vic
    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
     
  3. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    901
    Location:
    Melbourne
    1. How many units (ie more than 2?)
    2. Any common land?

    The Y-man
     
    Fitzy1903 likes this.
  4. Cactus

    Cactus Well-Known Member

    Joined:
    18th Jan, 2016
    Posts:
    986
    Location:
    Melbourne
    2 units don't require an active body Corp.