This article is for general information purposes only and reflects the state of information at the time of publication. It is not legal or financial advice. Always seek professional advice tailored to your specific circumstances before making decisions.
Embarking on the journey of acquiring a property under a strata title, whether it’s a home unit or townhouse, demands a comprehensive understanding of the intricacies involved. This guide aims to provide a thorough overview of key aspects, emphasizing the importance of seeking advice from legal experts, such as the solicitors at Baldock Stacy & Niven, for specific inquiries.
Owner’s Corporation and Council:
The owner’s corporation is established after the registration of the Strata Plan, where each unit owner becomes a member. An elected executive manages and administers the building, highlighting the significance of competent executive members.
Common Property:
All areas not part of any lot constitute common property, necessitating the owner’s corporation to oversee its maintenance.
Managing Agents:
Strata Managing Agents play a crucial role, potentially handling functions for the owner’s corporation, particularly in larger buildings.
Unit Entitlement:
Unit entitlement, as detailed in the Strata Plan, determines voting rights, levy contributions, and each unit’s share of common property.
By-Laws:
By-laws serve as the regulatory framework for strata living, with the owner’s corporation having the flexibility to amend them through special resolutions.
Levies, Funds, etc.:
The Administrative Fund covers present and expected liabilities, while the Sinking Fund addresses future financial commitments for maintenance and renovations.
Insurance:
The owner’s corporation is responsible for insuring the building, while individual unit owners must insure their contents.
Sale, Leasing, Mortgaging, etc.:
Strata units can be sold, mortgaged, or leased without owner’s corporation approval. Leasing requires providing tenants with a copy of by-laws.
Disputes:
The Strata Schemes Management Act, 1996, provides mechanisms for dispute resolution, with avenues such as the Strata Schemes office or legal professionals.
Standard By-Laws:
Residents must adhere to standard by-laws, covering various aspects of strata living, with the owner’s corporation having the ability to change or cancel them for effective management.
In conclusion, navigating the complexities of strata title ownership requires ongoing understanding and legal guidance. Regular consultations with professionals can provide clarity as you navigate the intricacies of property ownership.
