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Strata Management

What is a strata title?

By September 17, 2021No Comments

Strata title allows owners to purchase a unit which includes a share in the common property. Collectively, the owners are known as the strata company.

Strata title is an Australian innovation in property law that has been copied around the globe. Strata title allows individual ownership of part of a property (called a lot), combined with shared ownership in the remainder (called common property), via a legal entity called the strata company or community association.

The Strata Titles Act (STA) outlines the requirements for approvals from relevant authorities and the requirements for registration of schemes by the Registrar of Titles.

Strata community living is a popular option when purchasing property as it provides a low level of upkeep given the nature of community living and shared cost. This, combined with smaller areas to maintain and the use of common facilities, can make strata title schemes an attractive option for many people.

Running a strata titles scheme

For a strata titles scheme to run effectively, a strata company relies on a set of rules (known as scheme by-laws) which guide matters such as the holding of regular meetings, robust financial management, and other associated processes. The best outcomes occur when all owners are engaged in the governance and management of their scheme. With the introduction of attendance and voting via electronic means, owners can exercise their rights regardless of their location or the demands on their time.

Guidelines

Each strata company has a set of by-laws, known as governance and conduct by-laws. Your strata company may even have its own set of by-laws that have been written for that particular scheme.

Strata title can certainly hold financial advantages compared to freehold title, via lower purchase cost and shared upkeep costs, but it is important to recognise that it is a shared property where cooperation is needed and a commitment to the strata rules and financial obligations is essential for content strata community living

 

Exclusive Strata Management’s experienced Strata Managers can provide a variety of professional services as requested to ensure that the daily operations of your strata property run as smoothly as possible, Click here to contact us today.