An owners corporation is required to keep records under the Owners Corporations Act 2006 and other laws, such as Commonwealth taxation laws and the Building Act 1993.
An owners corporation certificate is required to be attached to the Section 32 statement of the contract of sale. All Owners Corporations in Victoria are required to prepare and supply a certificate within ten business days to anyone who applies in writing and pays the relevant maximum fee for each certificate and is available through the InfoTrack System.
What an owners corporation certificate must include
The certificate must include:
current quarterly or annual fees for the lot
the date to which fees have been paid
total unpaid fees or charges for the lot
the date that special fees or levies were approved and the due date for payment
details of repairs, maintenance or other work that may incur extra charges to those already budgeted or approved
details of insurance cover
whether the owners corporation has resolved that members may arrange their own insurance and the date of this decision
a total of funds held by the owners corporation
whether the owners corporation has any other liabilities in addition to those listed above, and the details of those liabilities
details of any contracts, leases, licences or agreements affecting the common property
details of any agreements to provide services to lot owners, occupiers or the public
details of any outstanding notices or orders served on the owners corporation in the past 12 months
details of any legal proceedings involving the owners corporation and any circumstances likely to lead to proceedings
whether the owners corporation has appointed or has resolved to appoint a manager and, if so, the name and address of the manager
whether an administrator has been proposed or appointed for the owners corporation.
