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When land or buildings are subdivided, it is often necessary to provide for the shared ownership of walls, driveways and services, this shared ownership is referred to as Common Property on a Plan of Subdivision.

When a Plan of Subdivision is registered with Land Victoria, an Owners Corporation (Body Corporate) is created.

An Owners Corporation is a legal entity, which is designed to facilitate decision making and management of a group of lot owners by a number of different owners within a Plan of Subdivision and provide for equality in the division of costs associated within a Plan of Subdivision and provide for equality in the division of costs associated with the maintenance, management and replacement of shared services and property.

 

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