If you’re buying a property that has common property, it’s very likely that there’ll be an owners corporation.
If you bought the property off-the-plan, an owners corporation will be created when the development is complete. Property owners will automatically become members of the owners corporation, which may appoint a manager to take care of the common property.
Common property includes things like driveways, car parks, lifts, gardens, gyms, swimming pools and rooftop communal areas – anything that exists for the benefit and enjoyment of all residents. Maintenance and management obviously costs money, so owners corporation fees are payable by every owner within the whole property. The owners corporation fees applicable to each individual property will be set out in the Vendor’s Statement which the selling agent should give you.
Fees are usually paid quarterly and they’re likely to increase. Special levies for one-off expenses occur too, so keep all this in mind when you’re considering buying property with an owners corporation.