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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.
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Common property -
refers to the areas of the building which every occupier or owner shares, including foyers, driveways, fences, visitors parking and gardens.
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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.
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Executive Committee
The Executive Committee is the members of the Owners’ Corporation who make decisions.
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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.
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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.
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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.
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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.
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Sinking Fund
Levies paid into this fund cover renewal and replacement of fixtures and fittings, eg painting, stairwell carpets.
