A strata community is the name given to people who live in a strata-titled building. In Victoria is it known as an Owners Corporation.
An Owners Corporation is the collective group of owners within a property which contains common property. This may be a residential, commercial, industrial or mixed-use development. An Owners Corporation manages the common property and is created when a plan of subdivision is lodged containing common property.
An Owners Corporation is a legal structure designed for apartment buildings, townhouse complexes. It even extends to industrial parks, office buildings and shopping centres.
When you purchase in a strata-titled building, you’ve not just bought an apartment or a lot, but you’ve also bought part of the building itself and all the associated common areas (such as hallways or facilities such as a swimming pool or a lift).
Owners are responsible for the maintenance of their own lot and the upkeep of all of the common areas as well.
Depending in which state you live in, a strata community may be referred to as:
Terminology changes from state-to-state but the purpose is the broadly the same.
What is the purpose of an Owners Corporation?
An Owners Corporation exists to manage issues mutual interest to all the owners. They include:
What are the responsibilities of an Owners Corporation?
The responsibilities of an Owners Corporation governed by legislation.
In a nutshell, the duties are:
How Is an Owners Corporation Financed?
Every owner makes contributions, known as fees. These are pooled to maintain the community and common areas. The size and frequency of the contributions required to properly run the Owners Corporation are decided by all owners at the annual general meeting.
How Does the Owners Corporation Make Decisions?
Decisions are made by owners in four ways:
It is important to note that no individual acting in isolation can make decisions on behalf of all the owners.
SSKB is Australia’s leading strata management company, specialising delivering expert advice and management to Owners Corporation and Body Corporate communities.