The Incorporation And Functionalities Of A Strata Company

By Author: Christopher Whelan
Total Articles: 74
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Community living is now a growing trend where people can retain their privacy and with the help of Strata, they do not have any responsibility towards the property. Insurance and other management of the common property in community living is looked by a Strata Company. It is managed by a professional manager who always ascertains relief and maximum service value.

If a property is being divided into multi unit development, the common aspects of the property need to be looked after by a body. The body needs to be registered under a Strata Scheme and thus becomes a company. The company runs on legislation which keeps on changing from time to time taking input from the industry and the previous knowledge. The maintenance cost is reduced in these schemes.

A person who buys a part of that property becomes the member of Strata. A rent paying tenant is never considered to be a member of Strata. The responsibilities related to the insurance, management and care taking is in general delegated to a professional who has a vivid knowledge in handling strata.

As a member of the Strata, the person must adhere to the guidelines ...
... laid by the group. The guidelines are to maintain the harmony and maintenance of the building in an attractive way. The maintenance needs to be consistent. This highlights issues like installation of a dish or an air conditioner need to be done with consolation with the other neighbors so that they do not suffer from it.

Common property includes the driveway, pools, laundry, gyms or any open space inside the boundary of the property. A standard rule needs to be defined by the strata board to maintain these. Members will not be allowed to use these common properties disturbing others. The management of the common property needs to be handled so well so that it can avoid all the unnecessary legal hassles.

The company is solely responsible for the maintenance of buildings. Adequate public lighting, maintenance of the open spaces, the exterior part of the building, pedestrian security gates and intercoms maintenance all falls under the duty of the company. Funds are spent on these things to keep them up to the mark.

The manager of a Strata company resolves disputes once an objection is being filed. He also issues licenses when it comes to use of the common property. Insurance related paper works and claim related matters falls under his jurisdiction.
The company maintains a bank account whose signatory power lies solely with the manager. Every year, there is an annual general meeting which addresses the concerns of the members and decides the budget. Contributions towards the members are decided at this meeting and collected. Some companies operate considering the normal annual costs while some keep funds reserved for future use which includes paving the roads, fencing the gardens, or replacement of the gutters etc.

A single insurance policy is done which covers the complete area under the strata. As a member, one need not to have a separate building insurance but should have insurance for their own personal contents which include the car space for their visitors.

Christopher Whelan is a Licensed Strata manager at Whelan Property Group Pvt. Ltd. He has shown great innovation and believes Whelan Property Group is at the forefront of technology use in Strata management followed by Strata company and schemes.

Christopher Whelan is a Licensed Strata manager at Whelan Property Group Pvt. Ltd. He has shown great innovation and believes Whelan Property Group is at the forefront of technology use in Strata management followed by NSW strata law and schemes. For more details visit http://www.whelanproperty.com.au/