What is Strata Owners Corporation?
The Strata Owners Corporation is a group of owners in a strata scheme. They can also be called the Body Corporate or Owners Corporation. The owners have collective interests and responsibilities. They manage and make decisions about shared areas and facilities.
The Strata Owners’ Corporation is usually formed when the strata scheme is made and registered. Each lot owner automatically becomes a member of the owners’ corporation upon purchasing a unit within the strata scheme. The owners’ corporation manages and maintains the common property and oversees the strata scheme. Here are some key aspects of the Strata Owners’ Corporation:
- Decision-Making: The owners’ corporation makes collective decisions on behalf of all lot owners. This includes budgeting, levies, repairs, by-law enforcement, and appointing service providers like strata managers and contractors.
- Annual General Meetings: The owners’ corporation holds Annual General Meetings (AGMs) every year. These meetings allow lot owners to gather, discuss important matters, and make decisions about the strata scheme. At AGMs, owners can approve budgets, elect committee members, and address any concerns or issues.
- Strata Committee: The owners’ corporation can choose a Strata Committee from its members. The Strata Committee is also called the Executive Committee or Council. The committee helps the owners’ corporation with administrative tasks and decision-making. They also assist with managing the strata scheme.
- Levies & Financial Management: The owners’ corporation collects levies from lot owners to cover common property expenses. This includes expenses for repairs, maintenance, insurance, utilities, and administration. The owners’ group takes care of the strata scheme’s finances, makes budgets, and keeps financial records.
- By-Law Enforcement: The owners’ corporation is responsible for enforcing the by-laws of the strata scheme. We will handle breaches, resolve disputes, and take action to maintain compliance and harmony.
The Strata Owners’ Corporation is important for governing and managing the strata scheme. It represents the interests of lot owners and ensures the property is well-functioning.
