An Annual General Meeting held by the Owners Corporation/Association.
An alternative meaning of Strata Scheme.
An alternative meaning of Strata Managers.
A set of ‘rules’ that the owners and occupants in a strata scheme must follow. These can be amended or appealed at a general meeting of the owners corporation. All by-laws are not the same so you should obtain a copy of the current by-laws for your strata scheme.
Generally, quarterly levy contributions are paid into this fund to save for future capital works/renewing of the common property such as painting, roofing, balcony balustrades, carpets etc..
Common property refers to the areas of a strata building or community which every occupier or owner shares, including foyers, driveways, fences, visitors parking and gardens. The common property is the responsibility of the owners corporation/association to maintain.
Levies are contributions by owners to the strata plan’s trust account to cover the proposed expenditure of the strata scheme. Levies are generally paid quarterly and are based on unit entitlements.
A portion of a property that can be separately owned and sold. In a strata scheme, a lot is generally an apartment or townhouse, garage, car space or storage unit. A lot within a Community Association is a dwelling such as a house, townhouse or unit block within the community.
An owner is a person(s) or company that purchases a strata lot and is registered on the Certificate of Title.
The collective noun for all owners within a strata scheme.
A poll vote is a vote cast using the value of unit entitlement allocated to each specific lot. This method of vote is used for passing a special resolution or can be called for passing a resolution other than a special resolution when the result of a vote cast by one vote person does not satisfy an owner present at a general meeting or if the vote is hung.
It can be called for before or after a resolution is passed at a general meeting but must be called for before the Chairperson declares the meeting closed.
Responsible for the administration of an Owners Corporation. They are a group of owners elected at each Annual General Meeting on a voluntary basis who represent all the lot owners of the strata scheme, and carry out the duties required. These include the maintenance and repair of the common property. The committee also has the responsibility of enforcing the by-laws.
A registered strata plan. Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The ‘strata’ part of the term refers to apartments being on different levels, or “strata”. A strata scheme can have a minimum of 2 lots and can be used for residential or commercial purposes or a mixture of both. A strata scheme can be a vertical block of units (high rise) or it can be all on the one level such as townhouses or commercial offices.
Specialists who administer Owners Corporations, and are responsible for carrying out the instructions of the Strata Committee.
The plan that subdivides the land and building(s) of a strata scheme into lots and common property.
The proportion of levy contributions that a lot owner is required to pay. Also the proportion of the voting rights for certain resolutions (poll vote).
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