Strata Scheme

A strata scheme is a special system of ownership of a building in which each person only owns a small portion of the whole building usually one apartment / unit.

Common Property

Common property refers to the areas of the building which every occupier or owner shares, including foyers, driveways, fences, visitors parking and gardens.

Owners Corporation

The Owners’ Corporation is the body represented by all the owners in the strata scheme. Each owner of a lot (an apartment / unit) is part of the Owners’ Corporation and has the right to participate in the decision making of the corporation.

Executive Committee

The Executive Committee is the members of the Owners’ Corporation who make decisions.

Managing Agent

The Managing Agent is appointed by the Executive Committee and is responsible for the general upkeep of the building. The Strata Inspection Report will reveal the names of the members of the Owners Corporation and the Managing Agent.

Lot

In a strata scheme, a unit is referred to as a "lot". Car spaces, garages, laundries, marinas can also form part of a lot or be a separate lot.

Levies

Contributions paid by owners to the owners corporation to cover expenditure and allocation for capital expenditure. These are usually paid quarterly and the amount is based on unit entitlement.

By-Laws

A set of "rules" that the residents (owners and tenants) in the strata scheme must follow. These can be changed at a general meeting of the owners corporation. All by-laws are not the same so it is wise to obtain a copy of the current by-laws for the strata scheme involved.

Sinking Fund

Levies paid into this fund cover renewal and replacement of fixtures and fittings, eg painting, stairwell carpets.

This building in Marrickville was full of tennants who trashed the place.

The Strata Report for this building in Burwood revealed that it was not insured.

The Owners Corporation in this building in Cronulla was about to strike a $15,000 levy on each unit owner.

The Owners Corporation is in Court with the builder over defects in this building

This small building in Bondi was well run and the buyer purchased with confidence.

Poorly managed building in Coogee. The buyer decided to look elsewhere.

This building in Glebe needed new plumbing, new wiring and a new roof.