Are you looking for information on strata title management? If so, you have come to the right place. A strata title is also known as strata or a strata scheme. It is a scheme that allows for part ownership of a property or a lot. The lot can be an entire apartment, a unit, or a townhouse. Many owners will share the lot as well as the driveways, parking space, gardens, lifts, and pools on the property.
Owning a strata title comes with many duties and responsibilities such as:
- Obtain all the approvals and permits if you plan to make changes to your unit
- Managing your pets appropriately
- Parking only in the parking space reserved for you
- Observe all noise regulations
- Avoid damaging or littering the common property
- Making sure your guests act according to the rules of the owners’ corporation or body corporate
All the owners of the property or lot will get together and create the owner’s corporation or body corporate and appoint a strata manager to oversee the maintenance and financial integrity of the lot on behalf of its owners. This article provides information on what property owners should know about strata title management.
The strata manager is also known as the body corporate manager and is in charge of a block of properties that are jointly owned by several people. The manager is responsible for making sure the property is compliant with local laws, properly insured, well-maintained, and the administration duties are accurate and up-to-date. The strata title manager will oversee the day-to-day duties of strata properties.
In fact, the manager will be appointed by the property owners as a collective decision. The owners of the strata can decide to employ more than one strata title manager depending on the complexity and the size of the property. The strata corporation and the manager are bound by a legal contract between them. The manager will provide his/her duties to the entire corporation and not to individual lot owners. Here are some of the many duties of a strata title manager.
Maintenance – The manager should upkeep the strata property and make sure its residents and tenants are comfortable in their homes. The manager can obtain bids from contractors to repair and maintain the property with the committee’s approval. The manager can decide to act immediately if the repairs and minor and urgent.
Updating Records – The strata manager is responsible for maintaining up-to-date strata records. The following documents should be kept for at least seven years as per Australian law:
Notices of strata committee meetings
All correspondences sent and received by the corporation -copies
Minutes of every strata meeting
Agreement signed between the owner’s corporation and strata manager
Financials And Taxes – The manager prepares the budget and submits it to the owners’ corporation committee for approval.
Setting Up Of Meetings And Administration Duties – The manager is responsible for all administrative work and setting up of meetings with the body corporate.
The aforementioned read provides information on what property owners should know about strata title management.