Strata terms explained

AGM An Annual General meeting held by the Owners Corporation.Body Corporate Another term for Owners Corporation.Body corporate managers Another term for strata managers.By-laws A set of 'rules' that the proprietors and occupants in a strata scheme must follow. These can be changed at a general meeting of the strata company. All by-laws are not the same so you should obtain a copy of the current by-laws for your strata scheme. Also called Articles or Rules.Committee Responsible for the administration of an owners corporation. They are a group of owners elected at each Annual General Meeting who represent all the lot owners of the strata scheme, and carry out the duties required. These include the control, maintenance and repair of the common property. The committee also has the responsibility of enforcing the bylaws. Also called an executive committee, managing committee, management committee, committee of management, or just the committee.Council of Owners / Council of Management Other terms for an owners committee.Common Property Common property refers to the areas of a strata building or community which every occupier or owner shares, including foyers, driveways, fences, visitors parking and gardens. The common property is the responsibility of the strata company whose obligations include maintaining and repairing the common areas.Executive Committee Another term for Owners Committee.Levy Levies are contributions paid by owners to the strata company to cover the proposed expenditure of the strata company. Levies are usually paid quarterly and are based on lot entitlement.Lot A portion of a property that can be separately owned and sold. In a strata scheme, a lot is generally an apartment or townhouse.Lot liability The proportion of the owners corporation expenses that a lot owner is required to pay.Managing Committee/Management Committee/Committee of Management Other terms for Owners Committee.Owner An owner is a person(s) or company that purchases a strata lot and is registered on the Certificate of Title.Proprietor Another name for a strata owner.Reserve Fund Another name for a Sinking Fund.Sinking Fund Also called a Reserve Fund. Levies paid into this fund cover the costs of future capital expenses, such as painting the building, and replacing common property items like stairwell carpeting and roofing.Strata Manager Professionals who administer owners corporations, and are responsible for maintaining their buildings and common areas. Also called body corporate managers, strata managing agents, managers, and agents, depending on the state or territory. They report to the owners committee.Strata Scheme A strata scheme is a parcel of land with a building(s), where individuals each own a portion referred to as a lot. These buildings have common property but are not limited to areas such as driveways, pathways, fences, external walls and roof. A strata scheme can have a minimum of 2 lots and can be used for residential or commercial purposes or a mixture of both. A strata scheme can be a vertical block of units (high rise) or it can be all on the one level such as townhouses or commercial offices.Strata managing agents Another term for owners strata managers.Strata Plan The plan that subdivides the land and building(s) of a strata scheme into lots and common property.Ref: Strata Community Aust