Effective Legislative Strata Schemes

By Author: Christopher Whelan
Total Articles: 74
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Strata or strata title refers to a form of legal ownership which was specifically designed for multi level apartment bocks. The term strata was coined to aptly describe the units constructed in different levels above the ground. In a strata type property there is a sub division of land between the independent areas or lots and the shared land or the common property.

Before the Conveyancing Act of 1961 which came up in the state of NSW in Australia owning a unit in a multi level building was a difficult and complicated procedure. There the individual had to buy the share certificates issued by the company.

This system had some inherent flaws:-
•The individual with the company shares didn’t have a proper property deeds which offers more financial security
•Difficulty of instituting mortgage
•Decision of the company chairman and other board members was final
•The individual owner just had the right to stay but the company owned it
•Forfeiture of shares were a possibility
•In case the company declared bankruptcy then the individuals too lost their property

So ...
... the introduction of strata title was welcomed by all those who wanted to own an independent unit in a multi level apartment building and still enjoy some freedom.
Strata title act was basically about the legal ownership of a part of the building which are generally known as lots and the joint ownership of the common facilities known as common property. The independent lot owners form the owner’s corporation jointly own and are responsible for the common property. Their representatives form the executive committee to look after the strata scheme. On top of that each scheme is guided by a set of by laws which help the people to live a peaceful life.

But in spite of all this managing a strata scheme can be quite a complicated affair. Through many people feel the need for self governance once they find out all that goes into managing a strata scheme they agree with the idea of hiring a professional strata management for effective strata services.
Most of the reputed strata companies are license holders and have experienced strata managers to look after all kinds of strata properties, be it residential or commercial or a mixture of both kinds.

Strata service includes the following aspects which ensure the smooth functioning of a scheme.

Financial - collection and payment of quarterly levies and insurance
Administrative- inform the lot owners about monthly meetings, attend and write minutes.
Secretarial -Record keeping
Legal – The strata managers have in depth knowledge about the strata scheme rules and regulation and also about the Govt. rules affecting strata.
Personal – They have enough experience and know how to answer all your questions and also help you with problems like finding a suitable tenant, rent collection, mitigation of disputes etc.

Strata schemes provide a friendly community type of living which is different from free standing houses. Though there is some kind of restriction and the attitude and behavior of people can have its effect on others it still offers a lot of advantages and with right kind of strata service you can have a very rewading experience.

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 Community.For more details on strata title management visit http://www.whelanproperty.com.au/