We're experts in establishing your Owners Corporation!
Ross-Hunt Real Estate prides itself on its ability to not only manage properties but also on its ability to assist in the process of establishing Owners Corporations. With over 40 years experience in establishing Owners Corporations for new developments with a dedicated team of Business Development staff who oversee the process from start to finish, we are confident in our ability to offer developers a comprehensive and simple OC establishment process.
Benefits Offered to Developers
- No set up costs
- Owners Corporation Certificates issued free of charge
- Experienced team who oversee the establishment of your OC
- Expert Insurance Brokers engaged to protect your project once completed
- Assistance in establishing special registered rules
- Comprehensive understanding of the relevant legislation
Arranging Owners Corp Certificates
There is no set-up charge to you as a developer for any of the services we provide in establishing the Owners Corporation. In addition we provide developers with the initial Owners Corporation Certificates free of charge, waiving the prescribed fee ($150.00 per certificate). The Owners Corporation Certificates can only be issued following the registration of the plan of subdivision, which is when the Owners Corporation comes into effect. The certificates provided will be included in the contracts of sale and will also be used by your solicitor to calculate adjustments at settlement for the initial insurance premium, which is to be paid by the developer upon issue of the Certificates of Occupancy.
Establishing an Owners Corporation in 12 Simple Steps
1. Initial Instruction from Developer
The first part of the process is to notify us of your upcoming project. It is preferable that we are made aware of your new project in the early stages of construction, as this gives us ample time to have everything prepared in anticipation of the project’s completion. It will also ensure that you are able to supply proposed budgets to prospective purchasers who are looking to buy off plan. However, if you have an upcoming project that is already completed and in urgent need of an OC Manager and OC Certificates, we are able to have everything organised promptly and efficiently if you are working with a restrictive time frame.
2. Examine Plan of Subdivision and inspect property
This helps us in the preparation of our proposed budgets and is an important component of obtaining an insurance quotation.
3. Prepare draft minutes and budget for presentation to Developer
This documentation is drafted in anticipation of the registration of the plan of subdivision and is submitted to the developer ahead of time for approval.
4. Amend if necessary and accept minutes and budget
Should you have any concerns or questions regarding the budget and minutes, we are happy to assist you in making sense of the documentation. If you wish to make amendments to the supplied documentation, this is not a problem.
5. Confirm Insurance Cover and Commence Policy Upon Issue of the C of O’s
We will commence the strata insurance policy upon issue of the certificates of occupancy for the development. Once commenced, the premium is to be paid by the developer and the cost of the premium is to be reimbursed via pro-rata adjustments which are arranged by the developer’s solicitor at settlement.
6. Issue Owners Corporation Certificates on request, following the Registration of the Plan of Subdivision.
Prior to organising the Owners Corporation Certificates to be used in the contracts of sale, we will require that the insurance premium has been paid and that the OC Minutes of Inaugural General Meeting and Contract of Appointment have been signed and approved by the developer. Once all is in readiness and the plan of subdivision has registered, we will issue the Owners Corporation Certificates to the developer’s legal representative, free of charge.
7. Hold Handover of the Property File and Finalising The Developers Involvement in the Project
Usually held on site with the Developer and Builder, this gives the manager the opportunity to inspect the development and establish a better understanding of the property's requirements, nuances and features with the parties who are most familiar with the development. During the handover, any relevant drawings, manuals and keys relating to the common services/areas are provided to the Owners Corporation Manager.
8. Commence Management and Establish Owners Corporation File
Once the Plan of Subdivision has registered, the Owners Corporation then comes into existence as an entity and Ross-Hunt’s management of the property will commence from here onwards.
9. Order Owners Corporation Seal and Owners Corporation Plaque
The cost of preparing this is accounted for in the Owners Corporation Budget and there is no additional charge for this service to you as the developer.
10. Prepare and lodge change of address with the Titles Office
This is organised so that once managed, local council and government can look up who is responsible for the management of your property (once completed).
11. Communicate with Developer as necessary in order to ensure a smooth transition from construction stage to management.
Upon the commencement of management of your project, occasionally matters will arise that were initially not anticipated or planned for. In order to ensure a smooth transition from construction to management, it is important that we maintain lines of communication with the developer in order to overcome any teething issues in an effective and appropriate manner.
12. Ongoing management by Ross Hunt Real Estate
As lots begin to settle, the appointed manager of your project will begin to put in place the required services and liaise with new owners regarding any issues and matters requiring attention on site. Once a majority of lots have settled, the appointed manager will schedule the AGM where a new budget is to be presented to the Owners Corporation Members for approval and all other general business such as insurance and common property maintenance can be discussed between the manager and the new owners.