Owners corporation certificate explained — buying a Victorian apartment

The short version

An owners corporation certificate is the official statement a Victorian owners corporation (OC) issues about a lot's financial position and the scheme behind it. It sets out the current fees, whether they're paid up, any special or extraordinary levy, the insurance, the state of the accounts and any dispute the OC is caught up in. When you buy a lot in an active owners corporation, the certificate — or the prescribed information from it — is attached to the Section 32 vendor statement. It's the Victorian counterpart to the NSW section 184 certificate.

Where it comes from

The certificate is provided for by section 151 of the Owners Corporations Act 2006 (Vic). An owner, a prospective buyer or their representative can apply to the owners corporation (usually through its manager) for a certificate on payment of the prescribed fee, and the OC must supply it within the time the Act allows. For a sale, the vendor obtains one so it can be included with the Section 32 — but because it's a point-in-time document, the date on it matters as much as the figures.

What the certificate discloses

The Act and its regulations set out what a certificate must carry. The details it holds are the ones a buyer most needs before committing:

• Current fees. The annual fees set for the lot, how they're charged, and the period they cover.
• Arrears. Any fees, interest or other money the seller owes the owners corporation — a debt that can otherwise follow the lot to you.
• Special and extraordinary fees. Any one-off levy that's been raised or is proposed — often for major works, and sometimes substantial.
• The funds and accounts. The OC's financial statements and whether it holds a maintenance fund, so you can see what the scheme has actually saved.
• Insurance. The building's insurance — the insurer, the policy and the sum insured.
• The scheme's affairs. Whether there's a maintenance plan, any current legal proceedings, and other matters the regulations prescribe.

Why it's worth reading closely

The rest of the Section 32 disclosure is a mixed bundle you have to interpret. The owners corporation certificate is the OC's own formal statement of where the scheme stands, on a prescribed form, signed off by the corporation. That makes it the single most reliable read on the recurring cost you're inheriting and on whether a large bill is already in motion. A near-empty maintenance fund in an older building, a special levy half-collected, or fees in arrears against the lot are exactly the things this certificate is designed to surface before you sign — not after you move in.

Where the certificate stops

Like the NSW certificate, it's a snapshot of numbers at a moment in time. It tells you the maintenance fund holds a certain balance — but not that the committee has spent three meetings quoting a façade repair it hasn't yet funded, or that a balcony has been leaking for two years. The financial statements and committee minutes behind the certificate tell that story, so read them alongside it. And where an owners corporation is inactive — common in small two-lot subdivisions that collect no fees and hold no meetings — a certificate may not be required at all; our Victorian owners corporation guide explains what that means for you.

What to check before you sign

1. The date on the certificate. Confirm it's recent enough to reflect the scheme's position now. If it's months old, ask for a current one before you commit.
2. Arrears against the lot. Check the seller is paid up, and make sure any outstanding amount is cleared or adjusted at settlement so you don't inherit it.
3. Any special or extraordinary fee. Look for a levy that's been raised or proposed but not fully collected, and settle in the contract who pays the unpaid part.
4. The maintenance fund and accounts. A thin fund in an older building is a warning that a special levy may be coming — cross-check it against the financial statements.
5. The insurance. Confirm the building is insured, and for a sum that reflects its full rebuilding cost.

Common questions

Is the owners corporation certificate the same as the Section 32?

No — it's one part of it. The Section 32 vendor statement is the whole disclosure a seller must give before you sign; the owners corporation certificate is the specific document within it that covers the OC's fees, finances and affairs. Where the lot is in an active owners corporation, you'd expect to find the certificate attached.

Who pays for it?

Whoever applies pays the owners corporation the prescribed fee. For a sale the seller usually obtains one to include with the Section 32; if the copy you're given looks stale, you or your conveyancer can ask for a current certificate.

Is there an equivalent interstate?

Yes. In NSW the same job is done by the section 184 certificate, issued by the strata scheme's owners corporation. If you're weighing up an off-the-plan apartment in Victoria, read this alongside our buying off-the-plan in Victoria guide, where the fees and finances you're taking on are still forming.