Understanding the responsibilities strata management includes
To understand strata management it is essential to have a basic understanding of the pre- strata period. Before 1961 a purchaser keen on owning a part of building had to buy shares in a company that owned the building. Owning the right to occupy a part of a building entailed acquiring share certificates instead of property certificate of title prevalent nowadays. Introduction of conveyance {strata} Act 1961 enabled an owner to hold a title deed for a part of a building thus allowing him a certain degree of freedom and security that was denied to him earlier .Further, the introduction of new acts and regulations have subsequently made the strata schemes more consumer friendly by ironing out the wrinkles observed since the inception of strata title Act in the early 1960’s.
Strata or strata title was introduced in Australia in 1961 for handling the legal ownership of a portion of a building .A strata scheme is a system of multiple ownership of a building or a collection of buildings. As opposed to owning an independent house, the strata owners own a portion known as ‘LOTS’, which can be applied to many different types of properties like apartments, villas, commercial offices and so on. In most of the schemes the owner owns the inside of the unit but he has no legal rights on the main structure of the building. Apart from the swimming pool, drive ways etc which obviously come under the common property, the external walls, roof etc also do not belong to the lot owner but, are the property of the owner’s corporation.
Why strata management?
When one visits the NSW FAIR TRADING site he is confronted with a plethora of FAQ’s from which one gathers that when you are going to be a part of a strata scheme you certainly need assistance in striking a good deal commensurate with the money you can spend.
Strata management is necessary because there are some major differences between the ownership of an independent house and the ownership of a unit or apartment under a strata scheme. So, one is expected to get into trouble if he/she is not very clear about the whole concept. Once he becomes a part of any scheme he should be aware about the owner’s rights, duties the different by-laws, what comes under common property, levies, insurances matter involving NSW STRATA SCHEME MANAGEMENT ACT, 1996 and NSW STRATA SCHEME MANAGEMENT REGULATION 2010, so on and so forth. So its but natural, to grasp the nuances of the scheme in totality will require a lot of time ,patience ,inclination as well as deep understanding of the strata schemes.
But in today’s busy world, where time is a prized commodity the Strata management companies provide their clients with professionally qualified and certified strata managers who are able to guide the concerned individual in the proper direction. They are well equipped to give an honest and transparent picture to their clients and are able to answer all their queries patiently. They are the super specialists who for a nominal fee make the lot owner’s life less cumbersome, hassle free besides, the host of other tasks that they do, if left to the lot owner would be formidable.
Christopher Whelan is a Licensed Strata manager at Whelan Property Group Pvt. Ltd. has years of experience in the marketing and trading strata title management Sydney. His online and offline knowledge regarding strata Management and schemes makes him a great resource of strata management
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