What is strata management?
Strata management is the process of managing strata titles. This includes strata title registration, strata title insurance, strata title disputes and strata title administration. Strata management services help owners of strata titled property to protect and enhance their investment. They also provide support and advice on strata title issues.
What is strata title?
Strata title is a type of property ownership where people own units or apartments in a building or complex. The common areas, such as corridors, lobbies, gardens and car parks, are owned by all the residents as a group.
How is strata title different from freehold title?
Strata title is different from freehold title in a number of ways. Firstly, strata titled property is generally located in a multi-unit development, such as a block of flats or a holiday resort. Secondly, owners of strata titled property do not own the land on which their unit or apartment is located. Instead, they own a unit entitlement, which gives them the right to occupy a specific unit or apartment within the strata scheme. Finally, strata title schemes are governed by strata legislation, which sets out the rights and responsibilities of owners, strata committees and strata managing agents.
What is a stratum?
A stratum is a layer of rock, soil or other material that is distinctly different from the layers above and below it. In the context of strata title, a stratum refers to a unit or apartment in a multi-unit development.
What is common property?
Common property is any part of a strata scheme that is not owned by an individual owner. Common property includes things like corridors, lobbies, gardens and car parks.
What is strata title insurance?
Strata title insurance is insurance that covers the owners of strata titled property for loss or damage caused by strata title issues. It can cover things like building defects, faulty workmanship, water leaks and structural problems.
What is the NSW Strata Management Act 2015?
The NSW Strata Management Act 2015 sets out the legal framework for strata schemes in New South Wales. It provides for the registration of strata schemes, the appointment of strata managing agents and the conduct of strata meetings.
What is a strata scheme?
A strata scheme is a type of property ownership where people own units or apartments in a building or complex. The common areas, such as corridors, lobbies, gardens and car parks, are owned by all the residents as a group. Strata schemes can be large or small, and can include anything from a block of flats to a holiday resort.
What are strata levies?
Strata levies are fees that owners of strata titled property pay to cover the costs of maintaining and repairing common property. Levies are usually paid quarterly, and are based on the size of the unit or apartment.
What is an owner’s corporation?
An owners corporation is a legal entity that represents the owners of strata titled property in a strata scheme. The owners corporation is responsible for maintaining common property and ensuring that strata levies are paid.
Strata management group
The strata management group is responsible for the day-to-day running of the strata scheme. This includes maintaining common property, collecting strata levies, organizing insurance and arranging repairs and maintenance. The group is usually made up of elected members of the strata committee. The strata management act sets out the legal framework for strata schemes in New South Wales. It provides for the registration of strata schemes, the appointment of strata managing agents and the conduct of strata meetings.
What is a strata committee?
A strata committee is a group of elected owners of strata titled property who make decisions about the running of the strata scheme. The strata committee is responsible for approving strata levies, appointing strata managing agents and arranging repairs and maintenance.
Who can be on the strata committee?
Any owner of strata titled property can be on the strata committee. The strata committee must have at least three members, and no more than seven.
What is strata meeting?
A strata meeting is a meeting of the strata committee, strata management group or owners corporation. Strata meetings are held to discuss strata title issues, such as repairs and maintenance, strata levies and insurance.
How often do strata meetings need to be held?
Strata meetings must be held at least once a year. Special strata meetings can be called at any time, and must be held if requested by the strata management group, the strata committee or owners corporation.
Who can attend strata meetings?
Any owner of strata titled property can attend strata meetings. Owners corporations, strata committees and strata managing agents also have the right to attend strata meetings.
What is a strata managing agent?
A strata managing agent is a person or company that is appointed by the strata committee to manage the day-to-day running of the strata scheme. This includes maintaining common property, collecting strata levies, arranging insurance and arranging repairs and maintenance.
Strathfield Partners: The Best Strata Managing Agents in Australia
What sets us apart?
Our strata property managers abide with our strata plan that is to protect and enhance your investment through prompt and efficient service.
