In a strata scheme, there is a certain administrative body known as the Owners Corporation. It is made up of all the individual lot owners in the scheme, who make decisions regarding the scheme together. The Owners Corporation is in charge of just about everything that is not the individual lot, including insurance, record keeping, the creation of by-laws, financial management, and building maintenance. The corporation has to adhere to some strict rules when it comes to their decision-making, which means it’s not as simple as it sounds. Here is how it works. Repairs and maintenance, The building that makes up a strata scheme is not just made of individual apartments. It also contains several common areas like the lobby, hallways and things like the parking lot. These are not under the jurisdiction of individual lot owners, rather they are under the authority of the Owners Corporation. Once a lot owner notices damage to the building, they can call on the Owners Corporation to find a way to fix it. Usually, the corporation will deliberate and decide who to hire in order to fix the damage. Record keeping, The Owners Corporation has to keep certain information on record for at least seven years. Bhutani Alphathum Floor Plan / Gulshan One29 Floor Plan / Wave One Floor Plan / Spectrum Metro Floor Plan
This includes details of motions passed during meetings and copies of all correspondence sent and received. If proxies are given to the Owners Corporation they have to be kept for seven years after those proxies expire. Financial records have to be kept as well. The corporation has to have all the statements of deposits and withdrawals from their official account. Receipts have to be kept religiously. Since lot owners pay a yearly levy, there needs to be a levy register. Legal action, When legal issues arise in the strata scheme, the Owners Corporation has to act in the interest of all the lot owners. If an individual lot owner does damage to the common property, the corporation can take legal action against them in order to fix it. Other times, levies are not paid regularly and the lot owner has to be sued for compensation. Commencing legal action within the strata scheme is not too simple. If payment of money is involved, there are steps that need to be taken before the corporation funds are used.
The matter must first be discussed internally while seeking help from strata management companies like Eling Strata, who have a lot of experience in dealing with these kinds of problems. Once a decision has been made, the corporation can take the matter to the NSW Civil and Administrative Tribunal. Specific common property, Taking care of the common property is the responsibility of the Owners Corporation, but there are certain parts of the scheme that require additional attention. Things like swimming pools have to be regularly inspected to prevent injury and disease. Any pool a scheme might have has to be registered with the NSW government swimming pool register. If a strata scheme has more than two lots alongside a swimming pool, there are inspection protocols that have to be followed. Every three years the pool has to be inspected by the local council. The pool has to be up-to-date with cleaning supplies and filtration systems in order to continue functioning. Strata rolls, A strata roll is a document that includes all the necessary information regarding lot owners in the building. This includes the name of the owner, their address for service of notices, the strata plan number etc.
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