If you’re a proud strata owner in Western Australia, understanding “Unit Entitlement” (UE) is vital. This term plays a pivotal role in defining your rights, responsibilities, and financial commitments within WA’s unique strata landscape. In this article, we’ll delve into the intricacies of Unit Entitlement as outlined by the current Strata Titles Act in Western Australia.
The Essence of Unit Entitlement
Unit Entitlement is the equitable distribution of rights and duties among individual strata owners. Put simply, it quantifies your ownership stake. Grasping this concept is crucial, as it has a direct bearing on several important aspects of your strata living experience.
Calculating your Unit Entitlement
Typically, a licensed surveyor or valuer calculates your UE by assessing your strata property’s value relative to the total value of all strata properties in the Strata Company. This happens during the property’s development phase.
If your property holds higher value compared to others, your UE will be greater. Conversely, a lower unit value results in a proportionally smaller UE.
Navigating your Financial Contributions
Unit Entitlement significantly influences the levies you contribute as a responsible strata property owner. Levies are periodic payments that fund various expenses, such as maintenance, insurance, common area upkeep, and administration.
Your levy contribution aligns with your UE. Higher UE means a larger share of the levies, ensuring that those with more significant ownership stakes contribute proportionally more.
Command over Common Property
UE dictates your control over communal property in the strata setup, encompassing shared areas like gardens, pools, and hallways.
Your UE shapes your sway over these areas. Owners with higher UEs wield more influence in decisions regarding common area management and usage.
Empowering Voting and Decision-Making
Your UE takes centre stage when voting on strata matters. From budget approvals to by-law changes, your influence corresponds with your UE.
Voting weight aligns with UE, giving higher stakeholders a stronger voice. This ensures those with substantial financial stakes drive strata decisions.
How do I find my Unit Entitlement?
For Western Australian strata owners, locating your UE is crucial. Luckily, it’s relatively simple:
- Check the Strata Plan: Unit Entitlement is often in the strata plan, outlining boundaries and entitlements.
- Review The By-laws: By-laws might also detail Unit Entitlements. These rules guide strata conduct.
- Contact Strata Manager: If you’re stuck, your Strata Manager can help. They have access to this info.
- Refer to Certificate of Title: Your UE might be on your Certificate of Title, confirming ownership.