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What is Strata?

 

Are you unsure what strata is? Strata title allows individual ownership of part of a property (called a ‘lot’ which is generally an apartment or townhouse), combined with shared ownership in the remainder (called ‘common property’ e.g. foyers, driveways, gardens) through a legal entity called the owners corporation or a body corporate.

Developments that can exist under strata plans can be residential, commercial, retail, mixed use, serviced apartments, retirement villages, caravan parks, golf estates, industrial estates, and resorts.

The key features of living in a strata scheme are:

In comparison to living in a freestanding house, there are some lifestyle restrictions in a strata scheme, for example there are rules (by-laws) that may affect you doing renovations to your unit, that state where you can and cannot park your car, where you can dry washing or whether or not you can keep pets.

 

The strata manager

What do strata managers do? Strata managers are professionals who are responsible for the administration of an owners corporation. They are appointed to look after the legal and administration requirements such as insurance, work health & safety compliance, the collection of levy contributions, maintenance and ongoing communications with owners. They are specialists in their field, possessing the knowledge and skill to administer the owners corporation in accordance with the complex requirement.

If a building is not properly maintained and someone is injured as a result, the owners of each apartment can be held legally responsible. If a building is not fully insured for the correct replacement cost, and if something happened to the building where a rebuild was necessary, the owners would have to make up the short-fall from their own pockets.

 

STRATA MANAGER DUTIES INCLUDE: