What and who is the Strata Company?
Are you about to buy into a strata but not sure what it is about?
Then this quick and easy to understand video explains what you need to know.
Video and content Courtesy of Liz Florence, of Abode Strata Management
Video transcription:
What and who is the Strata Company?
You’ve chosen to invest in a Strata title property.
Strata title allows shared ownership in a Strata company through owning part of the property called a lot. You own your lot or this could also be several lots together with a share within the rest of the property, which is called the common property.
The common property is an area that all owners collectively manage and may include area such as the outside walls of the building, the roofs, driveways, gardens, foyers, pools, gyms, lifts and much more as every scheme is different.
As a member of the Strata Company you’re entitled to participate in its management abiding by the bylaws, rules of your Strata Company.
Paying levees to your Strata Company for items such as
- insurance,
- maintenance
- and repair of common property.
Attend meetings to discuss and vote on items relating to your Strata Company such as
1) Nominate your management team of owners, the strata council
2) Adopt an operating budget for the annual repair and maintenance of common property
3) Pass payments for specific one-off repairs and improvements
4) Adoption of bylaws and day-to-day decisions of management of the complex
What are my levies?
Unit entitlement is recorded on your strata plan. It governs the way in which all owners pay their levees being part of your contribution to the cost of your strata company.
What do I look after?
Lot owners may have difficulty understanding where the boundaries to their lots are and what is their responsibility to maintain and renew and what is the Strata companies. Only by referring to the Strata plan for the property you’ll truly understand who looks after what. If you have difficulty understanding this information we’re always happy to help you out
