Things You Need To About Strata Title Management

Strata scheme refers to a form of co- ownership of property

. According to this scheme the land is subdivided into different strata or cubic spaces within a particular building. Here, strata title- a new word that was coined, allows and individual to acquire legal ownership of this particular part of a building which later came to be known as a unit or a lot.

Strata or strata title is a concept in real estate business which was conceptual in the state of NSW in Australia. The concept of strata title was established in the state of New South Wales in Australia in the year 1961 after government mulled over the dissatisfaction of the people over company titles. Though strata scheme can also consist of plots of land the term strata title generally applies to vertical subdivision of space in multi- storey building when individuals own lots and then share the ownership of common areas through a corporate body called Owners Corporation.

Prior to the Conveyance Act of 1961 people used to purchase shares of a particular company who owned a building. This act allowed a person to buy and own property in a multi- storey building since its inception strata management act has evolved significantly to cope with the demands of community living. The strata scheme management act of 1996 was passed to act as a guide for the owners corporation to live a harmonious and peaceful co- existence.

Though people used to opt for self management in a small strata community having a few lots, these days with the ever increasing number of lots in a particular strata scheme it has been a common practice to hire the services of a reputed strata management company to look after their financial administrative and maintenance matters. Though in the beginning this job was done by real estate agents, solicitors and accountants the new rules made it difficult.

As the management of strata schemes became a complex process getting license for the management of strata became a serious affair. Now-a-days companies must hire managers who are license holders, have in depth knowledge regarding strata schemes, remain up to date about the latest government rules and regulations, have good communication skills and can give expert advice to the clients in matter of tenancy, sub- letting etc.

So, the person who is now being hired by the owners corporation is someone who can help the lot owners to have life free from tension and headaches.

Work for the strata managers-

Depending on the strata size the work and remuneration of a strata manager varies. But we have to understand that if the owners corporation is unanimous in their decision to hire a company then it has to be a fairly large strata scheme. Here the strata managers do a great job in taking over the day to day running of the strata scheme and do all kinds of administrative and accounting jobs. When you are enmeshed with your personal and professional life strata managers work as a great support system and make your life an enjoyable one.

by: Chris Whelan

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