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NSW Strata Scheme Management Act

by

Chris Whelan

Conveyance (strata title) Act of 1961 came up to facilitate the subdivision of land in a particular strata scheme. It also amended the Conveyance Act of 1919 and the Land Tax Management Act 1956 and certain other acts in certain respect and also for certain purpose.

Before the above act of 1961 people who wanted to buy a unit in a multi storey or high rise building had to buy shares from a company. Here, instead of property deeds they received share certificates to prove their ownership. There were certain lacunas which led to dissatisfaction among people. To streamline the property ownership and give the owners certain amount of independence and freedom the Strata Title Act of 1961 was introduced in the state of New South Wales in Australia.

Since its inception this act has undergone a lot of changes through different amendments and the most important ones are- NSW Strata Scheme Management Act of 2010 and NSW Strata Scheme Management Regulation 2010

All these regulations have been an attempt on the government s part to tackle the problems faced by the people and make sure that the residents on a strata scheme live harmoniously without any problem.Strata or strata title as it is known refers to a form of ownership of multilevel apartments. As a concept it came up for handling the legal ownership of a part or portion of a building or structure. These independent parts are better known as lots.

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After availing the land in proper zone, the builder has to get the approval and sanction from the local council and then can proceed with the development of the Strata title property and the last stage is to divide it into different sub- division lots and common property. After a registered surveyor draws up a strata plan it is submitted to the local council for approval. After it has been verified and approved it then gets registered at the NSW Land Title office. This marks the beginning of a Strata Title Scheme.

The new policy of strata scheme handles the legal ownership of a part or portion on a building or structure commonly known as a lot. This portion can be villas, townhouses, offices, retail shop, so on and so forth. By virtue of a strata title a lit owner independently holds the right over his lot and shares the ownership of the common property by other members of the owner s corporation.

This gave a lot of independence which was previously denied. Since there is a lot of work involved in the day to day functioning of a strata scheme it has been a fairly common practice to hire strata managers to handle financial, secretarial and maintenance issues.

What are the prime bodies in a Strata Title Scheme?

Owner s corporation- it consists of all the lot owners of a particular scheme

It is a legal entity and strata plan number is then allocated by the NSW land titles office

Executive committee- it consists of those members of the owner s corporation who will represent their scheme and take responsibility of the common property

Strata managers- the owner s corporation or the Body Corporate generally hire the services of a strata management company and employ a strata manager to look after the day to day functioning of a particular scheme. They are experienced professionals who look after the financial, accounting and maintenance aspect of strata and along with the executive members make life in a strata scheme a harmonious and enjoyable experience.

Strata living are different concept which is gaining popularity among people because in this busy lifestyle they are able to avail all facilities under one roof without the bother of single handed maintenance.

Christopher Whelan is a Licensed Strata manager at Whelan Property Group Pvt. Ltd. has years of experience in the marketing and trading

strata title management

. His online and offline knowledge regarding

strata management act

and schemes makes him a great resource of strata community.

Article Source:

ArticleRich.com

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