The administrative fund is used to cover the regular, ongoing operational costs of a strata scheme. This includes expenses like maintenance of common areas, utilities, cleaning services, and strata management fees. How is the administrative fund different to the capital…
An AGM (Annual General Meeting) is a legally mandated once a year meeting of the lot owners in the strata. The AGM serves as a formal platform for making important decisions about the strata scheme. It’s where lot owners can…
By-laws in strata schemes are the rules and regulations that govern the conduct and responsibilities of lot owners, tenants, and the owners corporation (also known as the body corporate) within a strata-titled property. Table of Contents Purpose of By-Laws Common…
A Capital Works Fund, sometimes known as a sinking fund is a fund into which lot owners contribute, intended for future long-term expenses like major repairs or renovations to the building or common areas. Table of Contents Why is a…
Water rates are the charges that are levied by water utilities for the supply of water and sewerage services to properties. Water rates in Australia are typically made up of two components: a fixed charge and a variable charge. The…
A special levy is a one-off payment that is made by owners of strata properties in Australia. It is used to cover unexpected expenses that are not covered by regular strata fees. Special levies can be used to pay for…
A body corporate, also known as an owners corporation or strata corporation, is a legal entity created when a property is divided into multiple individual lots or units within a strata scheme. It is responsible for the management and administration…
A strata report is a document that provides detailed information about the condition of a property that is part of a strata scheme or a residential apartment building The report is usually prepared by a professional strata inspection company and…
Strata is a type of property ownership and management in which a building or complex is divided into individual units, such as apartments or townhouses, that are owned by owners and sometimes companies (Typically a property developer). What are the…
