Strata Fundamentals
The Seven Part Short Video Series
This video module is designed for strata managers anywhere in Australia who want to catch up on the principles that underly strata matters to develop their confidence as leaders of their strata communities. It is presented by strata industry expert, Michael Teys.
The Seven Strata Fundamentals
Select a Topic
The Strata Concept
Strata is a legal concept that describes the process of subdividing land and airspace into lots owned by individuals, and shared areas (called common property) held by a separate legal entity commonly called the strata.
The Strata Plan
The strata plan is an important document – perhaps the most important document when it comes to strata management. It will tell you 5 things you must know about the property and always remember and uphold.
The Limitation of Strata Powers
Because strata entities are like governments that can shape lives as they relate to housing, health and safety and personal finances, it is important to understand the limitation of powers of a strata.
Strata by Law Making Powers
The strata laws combined with the strata plan defines lot and common property and, in most cases, lot property is anything not in a lot.
Collective Decision Making
Strata decisions can only be made in one of two ways – either by a vote or by the strata manager exercising delegated powers. There are two types of meetings - general meetings, where all the owners can participate, and committee meetings, where only elected representatives attend and vote.
Strict Liability for Maintenance and Repairs
Because strata is about shared floors, walls and ceilings, and everyone’s property and safety is interdependent, the strata laws make it compulsory to maintain and repair common property the minute it falls into disrepair.
Unlimited Personal Liability of Strata Owners
The co-ownership nature of strata has some great advantages that make strata property very appealing –for example the cost of land and facilities is spread among many. But co–ownership also has some draw backs and first among these is a shared financial responsibility for the strata expenses.
