Professional Owners Corporation Services Sydney | Stevenson Strata
Buying a Strata Title Unit in Sydney, NSW
A strata title is the most common title associated with town houses and home units and is proof of ownership of a unit, which is called a ‘lot’. A strata plan divides a building and its associated land into lots and usually common property. Common property is the part of the land and building in the strata plan which does not form part of any unit, for example, stairways, corridors, driveways, gardens, car park etc.
Are there other types of title for lots?
Another form of home unit ownership is company title which involves ownership of shares in a company which owns the land and building. Frequently, an owner may need the company’s permission to sell his or her shares or lease the unit. The owners do not own any of the land or building only shares in the company. If you intend purchasing shares in such a company, you should discuss the rights and obligations associated with company title with your solicitor.
What is an Owners Corporation and how does it function?
An owners corporation comprises the registered owners of all the units in the strata plan. An owners corporation has powers and responsibilities to administer the building and care for such things as the land around the building. At each annual general meeting of an owners corporation an executive committee is elected to administer the day-to-day running of the strata scheme.
It is possible and sometimes more practical for an owners corporation to delegate some of its powers or duties to a licensed managing agent. Prior to the commencement of a strata scheme, the original owner may appoint a caretaker to manage the common property, maintain and repair the common property, or control the use of the common property by persons other than owners and occupiers.
The rights and responsibilities of the Owners Corporation and lot owners are governed by a law called the Strata Schemes Management Act. By-laws are the rules and regulations which define the powers and obligations of the owners corporation and of individual lot owners. Some by-laws place restrictions on the behaviour of residents, for instance not allowing them to keep pets. Within some limits the Owners Corporation can alter, add or delete by-laws.
What are the principal powers and obligations of an Owners Corporation?
To establish property management and maintenance funds based on contributions known as levies which are calculated according to unit entitlements. (Each lot owner has a unit entitlement which determines his or her interest in the common property and on which the amount of levy is based);
- To employ persons to administer, control or perform work on the building and common property;
- To enforce the by-laws and to sue for any damage caused to the building and common property;
- To add to or amend certain by-laws;
- To make provision for insurance against fire, and to take out other insurances required by law, for instance, workers compensation and public liability insurance;
- To maintain the building and common property in good order;
- To hold annual general meetings of members;
- To keep minutes of meetings and prepare accounts;
- To record details of the ownership and occupancy of lots in a strata roll;
- To provide information to owners and mortgagees about the strata scheme.
What are the principal obligations of lot owners?
- To pay rates, taxes and owners corporation levies;
- To notify the owners corporation of any change in ownership or occupancy;
- To comply with the by-laws and, in particular, to behave in a manner which will not offend other residents or interfere with their peaceful enjoyment of that property;
- Not to carry out alterations to the lot without consent from the Owners Corporation and local authority when that consent is required by law.
If I intend to rent my lot, do I have additional responsibilities?
Yes. You should ensure that compliance with the by-laws is made a condition of any tenancy agreement and that your tenant is supplied with a copy of the by-laws. Also, you must notify the owners corporation of the name of the tenant, the date the tenancy commenced and the name of any agent involved.
How are disputes resolved?
Disputes between lot owners or with the Owners Corporation are best resolved by discussion. Should this fail you can contact the Registrar of the Consumer Tenancy Tribunal for assistance.
Details on this procedure can be obtained from 1300 135 399, Castlereagh Street, Sydney 2000, phone 12, 175
Stevenson Strata Management Pty Ltd is your best choice when appointing Strata Managers in the Sydney region . Stevenson Strata Management prides itself in offering a wide range of Strata Management Services & Solutions , from general Owners Corporation Services like accurate secretarial duties, reporting and accounting, to specialised and professional advise on Strata Title Management. We also organise maintenance and repairs and make arrangements for audits and valuations. All in accordance with the Owners Corporation and Executive Committee’s needs, and in full compliance with current Strata legislation.
Stevenson Strata Management Pty Ltd
Suite 202, Newtown Business Centre, 1 Erskineville Road Newtown NSW 2042
Postal Address: P.O. Box 1098, Strawberry Hills NSW 2012
E: enquiries@stevensonstrata.com.au - P: +61 (0)2 9516 5222 - F: +61 (0)2 9516 5422
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