The Strata Manager can Help You Navigate the Law

By: Strata Management Sydney  20-Mar-2013
Keywords: Strata Management Dee Why

Strata title started in New South Wales, Australia in the early 1960s as an alternative to the previous practice of adopting the company title on multi-level apartment blocks, condominiums or subdivisions with shared areas. The biggest hurdle to the company title was the complexity of issuing mortgages. Since then, the strata scheme has been adopted by other countries with highly dense urban areas such as Malaysia, Singapore, Philippines, Dubai and India. Obviously, there are certain challenges involved in strata management because the lot or property are individually owned while there are shared areas like the corridor, for example, or the elevator, stairwell and building entrances. The Strata Law in 1996, the Strata Schemes Management Act was enacted which regulates the practice. The act defines the by-laws, the responsibility of the strata managers in Sydney, Special provisions for by-laws conferring certain rights or privileges, Special provisions for strata schemes that are part of community schemes, the administrative and sinking funds and account of owners corporation, Restrictions on spending, taxes of contributions, insurance claims, records and accounts to be held by the corporations, Restrictions on spending, Inspection of records and issue of certificates, and the functions of the strata management agent, among others. Apart from the Strata Law, which is being updated and modified every now and then, there are also state laws that cover strata management. It's very hard to follow all these while also handling day-to-day operations of the subdivision, condominium or apartment complex. Have you ever heard of the phrase "ignorance of the law excuses no one?" it certainly applies in this case. You can't feign ignorance just because you haven't read all the provisions of the law. Ads by Google Differing strategies Strata companies in Sydney have very different philosophies in managing a property complex. The most common question asked is whether their brand of management is reactive or proactive. The answer hinges on the quality of and direction of the executive committee or the owners. If given enough leeway, the manager can craft a progressive plan to improve the services and procedures within the whole strata ecosystem. It's also not advisable to change strata managers in Sydney every so often, it's important to foster long-term relationships so they can anticipate the problems even before they develop and immediately provide solutions. Bonus tips If you choose the strata companies in Sydney, don't just accept the recommendation of your developer without first checking into their background. There are cases where developers bring in the strata managers for an 11-year contract which conveniently overlook any building defects thereby robbing you of the 7-year warranty. The same goes for choosing your insurer, take the advice of the strata manager with a grain of salt and instead find your own insurance company. Lamb and Walters is the author of this content happens to be writing articles on several subjects including strata management at Dee Why, strata companies Sydney and strata management. Source Link:

Keywords: Strata Management Dee Why

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