My partner and I have recently become home owners in Victoria (we bought a villa unit, one of eight). The property didn’t have a formal owners corporation.
Recently, other units at our address have changed hands. Some of the new owners are pushing the notion that we need to/should create an owners corporation. So I’m busy trying to understand the relevant issues.
First off the bat, do we legally need to have an owners corporation? I’m assuming No we don’t.
Secondly, can an informal collection of owners legally take care of the issues that normally fall to an owners corporation? (from my point of view, these issues fall into two categories (A) insurance and (B) maintenance).
Any opinions or help you can offer would be greatly appreciated.