Recently we identified that there are many people out there who own a home that is part of a strata or community title and aren’t quite sure what this means to them. We approached Sarah Steel who is a Body Corporate Assistant at Strata Data about these queries, and she kindly agreed to an interview.
SS: Strata Data is a professional Management Company who assists Members of a Corporation with the daily operations and running their Corporation. Some of the key responsibilities include; facilitating maintenance & repairs, financial management and cash flow reporting, debt recovery, compliance of legal requirements & property legislation, conflict resolution, placing relevant insurance on the property, lodgement and insurance claim processing, assisting with building defects, preparing of Section 41’s/139’s for the sale of a property.
SS: The main difference between a Strata and a Community Corporation is the way in which the boundaries are defined, which then determines where the responsibility lies in regards to maintenance to the Unit/Lot, insurance obligations and also depicts which Act must be adhered to with differing legal requirements to each.
SS: By-Laws are created and are specific for each individual Community Corporation at the time of construction and lodge with the Lands Titles Office, once practical completion has been granted. These By-Laws are rulings and regulations that the members of the Corporation (being all owners) are to abide by. Apart from being a requirement under the Community Titles Act, By-Laws are required to provide clear rulings and guidelines to all members of a Corporation and to ensure consistent management and to also enable the aesthetics of the Lots to be upheld.
SS: There is a number of legal requirements which must be adhered to when managing a Corporation. This includes keeping financial records, notice and records of meetings, arranging insurance cover, facilitating claims and managing all common property maintenance. Therefore by appointing a professional Management Company saves the members of the Corporation time, money and stress as well as assisting in maintaining a happy, healthy environment that all residents can enjoy.