Are you are looking to purchase a home and you keep coming across strata-titled properties. But what is exactly make them different from non-strata management properties?
A strata-titled property is not owned by one individual; rather, it has assets that are co-owned by a collection of lot owners. As a group, you are responsible for the shared assets, which may include communal open spaces, shared roofs, gardens, and street frontages. Typically, these properties are units, apartments, or townhouses.
As an owner of a strata-titled property, you may be required to abide by certain duties and responsibilities, such as:
- Ensuring you park in your allocated parking bay
- Avoiding damage to common areas and property
- Observing noise regulations
To read more about scheme by-laws, click here.
Now that you know what a strata-titled property is, let’s talk about strata management and how it works.
What is Strata Management?
Strata management, also known as owners corporation management, is the management and maintenance of all shared areas in a strata-titled property. It functions as a legal entity to act in the best interest of the multiple owners.
The legal structure of strata management allows for shared ownership of property. Its primary functions are to manage and administer the common property, organize repairs and maintenance for the common property, and maintain insurance for the properties on the strata title.
Responsibilities of a Strata Manager
A strata manager is responsible for various strata management activities. These include:
- Managing all correspondence regarding the property
- Communicating with owners and tenants
- Ensuring compliance with local laws and by-laws
- Organizing and overseeing maintenance and repairs
- Managing financial matters, including budgets and levies
- Coordinating insurance policies for the common property
Western Australian Context
In Western Australia, the Strata Titles Act 1985 governs strata-titled properties. This legislation outlines the responsibilities of the owners and the strata company, ensuring that the properties are managed effectively and in compliance with the law.
Some specific duties under this act include:
- Maintaining a strata roll, which records the details of each lot owner
- Holding annual general meetings to discuss and decide on important matters related to the property
- Preparing and distributing financial statements to all lot owners
- Establishing a reserve fund for future maintenance and unexpected expenses
Why Choose Strata Management?
Strata management provides several benefits, including:
- Professional management of common property
- Streamlined communication between owners and tenants
- Effective handling of disputes and compliance issues
- Enhanced property value through regular maintenance and upkeep
If you have just bought, or are thinking of buying, a strata title property and want to know more about what it means, then this quick overview is for you.
You can learn more about strata here: Strata Title for Beginners.
If you have just bought, or are thinking of buying a Strata Title property and want to know more about what it means then this quick overview is for you. Stay up to date with our information article here Resources – Exclusive Strata Management (esmstrata.com.au)
If you have questions, don’t hesitate to contact us at info@esmstrata.com.au or on 9362 1166.
