After Hours Trade Emergency ServiceReveal Response
Owners to please note that the After Hours Trade Emergency contact is Tymaline Building Services contactable on 0418 362 023.
This service is for Trade Related EMERGENCIES only. Where an emergency is identified as a lot owner's responsibility, costs for service will be applied to the Lot Owner or Occupant for this service.
The minimum call out fee after hours is $360.00 plus GST.
What is an Owners CorporationReveal Response
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.
What is Common Property?Reveal Response
Common property is whatever is stated on the plan of subdivision and may include gardens, passages, walls, stairwells, pathways, driveways, lifts, foyers and fences. The Owners Corporation is responsible for the common property - the Owners Corporations Act 2006 states that the Owners Corporation must, among other things, manage, administer, repair and maintain the common property.
The plan of subdivision shows the parcels of land that can be sold separately. These are called 'lots'. Lot owners are the members of the Owners Corporation for the subdivision. More than one Owners Corporation can be created in a subdivision of land or buildings, this often occurs to separate residential and commercial lot owners.
What is Strata Title?Reveal Response
The majority of Strata Title properties are post 1970, a surveyor will survey the property and lodge a plan of Subdivision with the land titles office. The number on the lodged plan of subdivision becomes the Owners Corporation Number giving the building a unique identity.
What is a Service Company?Reveal Response
Any Company or Stratum Title properties will be registered as a Company with ASIC and are then referred to as a Service Company.
What is Company Title?Reveal Response
Most Company Title properties pre date 1961 and are governed by the Corporations Act under a Memorandum and Articles of Association, referred to as Memorandum. This Memorandum sets out the rules and regulations that must be followed for the Service Company. The owners have shares in the company that controls the building and common areas, and just like any other Companies it is controlled by the Directors.
It is very important with Company Title properties that ASIC shares are correct as the shares give the owner entitlement to use their unit.
What is Stratum Title?Reveal Response
Most Stratum Title properties pre date 1967 and are a combination of freehold title for individual lots, with a Service Company to manage the common property. Similarly to a Company Title property, The Service Company is governed by the Corporations Act under a Memorandum and Articles of Association, referred to as Memorandum. This Memorandum sets out the rules and regulations that must be followed for the managment of the common property. Each freehoold owner also holds shares in the Service Company giving rights to use the Common Property.
Advantages of Conversion to Strata?Reveal Response
Strata Conversion increases the number of lenders available to purchase or refinance your property and allows for a reverse mortgage facility. It increases the buyer pool if selling and can improve capital value of your property by 10-20%.
Do I have to be part of the Owners Corporation?Reveal Response
If your property is part of an Owners Corporation then you become a member of that Owners Corporation automatically. As a member, you have legal and financial responsibilities to the Owners Corporation.