Key Aspects of Strata Management Laws
Strata title management can be complex to understand and it takes time to understand who to successfully manage a strata scheme. Not all investors and homeowners understand what a strata scheme is and what is expected of them when they are part of one. Owners in a strata scheme should be aware of their responsibilities when they buy into a strata complex and to know what laws they are expected to abide by. Below is a list of the top 5 things you need to know about strata management laws.
1. Stata by-laws:
Strata schemes are regulated by a set of rules that all residents are expected to abide by. These cover issues such as safety, security, pets, general behaviour, parking, altering of common property and rubbish disposal. If an owner rents out their property, they are expected to give their tenants a copy of the latest by-laws.
If you are thinking of buying into a strata complex, you must request a Section 184 certificate before signing any final documents. This will provide you with vital information about the strata scheme such as the levies payable, special by-laws and outstanding levies. You can apply to the body corporate for a copy of the certificate through your lawyer.
3. Strata levies:
Body corporates are funded by quarterly levies that are paid by owners. The levies are usually split between the administration fund and capital works fund. The administration fund is used to cover costs such as water rates, insurance, fire safety, power charges for communal areas, maintenance and repair of common areas.
4. Strata renovations:
You are not allowed to renovate or alter common areas without getting approvals from the body corporate. The strata legislation makes a distinction between minor and major renovations. Minor renovations can be approved by the strata committee and major renovations require a general meeting and the registering of a by-law.
5. Strata agents:
The duties of a body corporate are getting increasingly complex. Many are opting to engage an agent that can manage the scheme on their behalf. For this to happen, there must be a majority vote at a general meeting. External body corporate management makes sure that the strata scheme is running efficiently and professionally and that all laws are being adhered to.
Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to contact Montano Strata’s qualified team today.