Navigating Strata Living

Strata management involves the administration of a strata-titled property, which includes residential, commercial, and mixed-use buildings. This management ensures that the property is maintained, financial records are kept, and the interests of all owners are represented.

NSW Strata Specialists provide comprehensive strata management services including financial management, maintenance coordination, compliance with legal requirements, insurance management, and facilitation of meetings for the owners' corporation. 

Strata levies are calculated based on the estimated annual budget required for maintaining the common property, managing administrative tasks, and funding the capital works fund for future capital works. The levies are divided among owners based on their unit entitlements. 

A capital works fund (formally sinking fund) is a reserve of money set aside by the owners' corporation to cover major repairs and capital works on the common property. Contributions to the capital works fund are made regularly as part of the strata levies. 

All property owners within a strata scheme automatically become members of the owners' corporation. Membership is granted upon the purchase of a unit within the strata property. 

The owners' corporation is responsible for the management and maintenance of the common property, enforcing by-laws, managing finances, ensuring compliance with legal requirements, and making decisions in the best interest of all owners. 

If you have a dispute, it's recommended to first attempt to resolve the issue through direct communication. If this is unsuccessful, you can seek mediation through NSW Fair Trading or escalate the matter to the NSW Civil and Administrative Tribunal (NCAT) for resolution. 

Renovations to your unit may be subject to approval by the owners' corporation, especially if they affect common property or the building's structure. It's important to submit a detailed proposal and obtain the necessary permissions before starting any work. 

Strata meetings, including Annual General Meetings (AGMs) and any Extraordinary General Meetings (EGMs), are held as needed. The AGM is held once a year to discuss and decide on key issues, review financials, and elect the strata committee. 

Maintenance issues or repair requests can be reported to the strata manager or the owners' corporation. Most strata management companies, including NSW Strata Specialists, have dedicated channels such as online portals, email, or phone lines to facilitate these requests efficiently. 

By-laws are rules established by the owners' corporation to manage the strata scheme and ensure harmony among residents. They cover areas such as noise, pet ownership, parking, and the use of common property. All residents must comply with these by-laws. 

You can request a copy of the strata plan or by-laws from your strata manager or the owners' corporation. These documents are also available from the NSW Land Registry Services. 

If strata levies are not paid on time, the owners' corporation can charge interest on the overdue amount and take legal action to recover the debt. Continued non-payment can result in further legal consequences. The best option will always be to contact your strata manager and arrange a payment plan. 

The strata committee is elected by the owners' corporation and is responsible for making decisions on behalf of the owners' corporation. They manage day-to-day issues, coordinate maintenance, and ensure compliance with by-laws and legislation. 

Yes, all owners are entitled to attend strata meetings. Tenants can attend with permission but are not entitled to vote unless they hold a proxy for an owner. Attending these meetings allows you to stay informed and participate in decision-making. 

Strata committee members are elected at the Annual General Meeting (AGM) by a majority vote of the owners present or represented by proxy. Any owner can nominate themselves or another owner for election to the committee. 

The owners' corporation must have building insurance to cover the common property and any shared facilities. They are also required to have public liability insurance and may choose to take out additional policies for things like office bearers' liability and fidelity guarantee. 

Changing the managing strata company requires a decision by the owners' corporation. This usually involves a vote at a general meeting. A notice of the meeting and proposed change must be provided to all owners in advance. 

When selling your strata property, you need to provide potential buyers with a Section 184 Certificate (Strata Information Certificate) which outlines the financial status of the property, any outstanding levies, and other relevant details. Your strata manager can assist with obtaining this certificate. Your solicitor and strata manager will generally take care of this for you. 

Getting involved in your strata community can include attending meetings, joining the strata committee, participating in social events, or volunteering for community projects. Active involvement helps ensure the property is well-managed and fosters a sense of community.