An Owners corporation manages the common property of residential, commercial, industrial, retail or miscellaneous property development
Common property may include:
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Gardens
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Passages
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Walls
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Stairwells
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Pathways
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Driveways
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Lifts
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Foyers
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Fences.
The Owners Corporation, is responsible for the common property and must manage, administer, repair and maintain the common property.
The different types of Owners Corporations where special rules apply are:
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2-Lot sub-divisions, which only have 2 lots
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Prescribed Owners Corporations, have more than 100 lots or collect more than $200,000 in annual fees
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Multiple Owners Corporations- These can consist of multi-storey buildings, commercial properties or developments that can combine residential or commercial lots.
Legal requirements and maintenance issues, differ for these corporations.
For more information about the special rules that apply to your particular Owners Corporation, visit the websites for the regulatory authority in your state.
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