Owners Corporate question

[evisional]

I subdivided my property. The property have a shared driveway. I have not set up body corporate to look after the common property (driveway) yet. However, I read the Land Title and find a sentence as follows:

OWNERS CORPORATIONS
-------------------
The land in this folio is affected by
OWNERS CORPORATION 1 PLAN NO. xxxxxxxx
DOCUMENT

What is the detail above mean?

 

[LexCon]

When there is more than a two lot subdivision upon registering the plan the owners corporation will be registered. The Owners Corporation number is the plan of subdivision number.

If you have common property it is extremely important that you get owners corporation insurance. You need to protect yourself against Public Liability.

 

[CHAOS]

Is it a legal requirement that if there is more than 2 in the subdivision you need owners corp ins? Is that regardless of whether each individual house has its own?

 

[Paul@PFI]

A legal requirement. No. A liability issue for the two owners - Yes.
Your homeowner insurance will not cover you.