The Strata Act and Management

Live Stats

The Strata Act and Management

Date Added: September 26, 2009 09:58:12 AM

Author: Rachael Kwawegen

It was only after 1961, that the building owners in Australia was entitled to a Certificate of Title, for that part of building he owned. Before that although he owned a part of a building, he had no title deed for the portion he owned, and as such he had no right to sell the property or let out the property on lease. The situation changed in 1961 with the introduction of the Strata Act. With the passing of the Strata Act, by the New South wales Parliament, the Strata Title was first introduced in Australia. The Strata Title, known as the "building Unit Titles" in Queensland, is a form of apartment title. With the introduction of the Strata Title, a building was divided into 'lots', (which is apartments today) and a system known as strata was initiated. Each owner owned a lot, but the owners of the lots shared some common property such as elevators, garden, hallway, roofs, driveway etc. The common property is vested in special body corporate, or also known as Strata Management and the owners of all the lots are members of the body corporate. Not only with regards to residential buildings, but owners owning lots in the shopping complex or business houses, also come under the body corporate. The body corporate deals with the maintenance of the common property. They also have a body corporate manager who acts on their behalf. All the members of the body corporate should contribute towards a fund which will be managed by this corporate and all expenses towards maintenance will be bared from this fund. But if the expense is huge and the funds are insufficient, then the cost incurred should be shared by the owners. This system by which the individuals own 'lots' in a building and share common property is known as strata scheme and the owners corporation is governing entity that looks after the strata scheme.. The owners under the strata scheme, should know their responsibilities and make sure that they abide to the rules and regulations laid down by the body corporate. The owners who come under this scheme form a strata company. The Strata Agency is a boutique strata management company founded by Rachael Kwawegen, a Licensed Real Estate and Strata Managing Agent with 15 years experience in the Property Sector. Our Strata Title services all areas of Sydney specialising in prestige strata schemes and developments. body corporate manager. Owners Corporation.

Our Sponsors