Strata Management
Strata Title
Strata title allows individual ownership of part of a property combined with shared ownership of Common Property (e.g. foyers, driveways, visitor parking and gardens) through a legal entity called the owners corporation.
Owner
An owner is the person who has purchased an apartment or premise and is registered on the certificate of title. The owner is similar to a shareholder with certain rights and responsibilities relating to the ownership. The owner must pay levies and comply with the strata by-laws which can cover everything from renovations to pets.
Executive Committee
The Executive Committee (EC) is group of owners elected at each Annual General Meeting who represent all the owners of the strata scheme. The EC is responsible for the administration of an unit plan for the owners corporation, including:
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its finances,
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the control, maintenance and repair of the common property, and
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enforcing the by-laws.
Strata Manager
The Strata Manager is engaged to assist the EC in management of day-to-day administration of the unit plan. Independent Strata Management Pty Ltd acts as the strata manager for GPR. For further information on their responsibilities see Strata Manager.
Building Manager
The Building Manager is engaged owners corporation to look after the common areas of a strata development. They provide on-site staff who manage the operation of the building and its services. For further information on their responsibilities see Building Manager.​
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Sinking Fund
The Owners Corporation is responsible to ensure that a fund is established and sustained to ensure that major refurbishments or replacements to the building and common property is able to be carried out in timely fashion.
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The sinking fund plan identifies the expected sinking fund expenditure for at least the 10-year period and then an annual budget amount set aside to ensure funds are available when the replacement or refurbishment comes due.