Services described in the schedule of a strata management agency agreement that are performed as necessary (and charged as a fixed fee or at an hourly rate), not routine or obligatory functions included in the base management fee.
The strata entity's yearly money reports that have been checked by an independent accountant to confirm they are accurate, complete, and compliant
The rules for living in a strata scheme.
Situations where a person involved in running the strata has a personal interest in a decision that could influence, or appear to influence, how they perform their duties to the strata.
Services set out in the services schedule of a strata management agency agreement.
Small, surface-level changes to the inside of a lot that do not affect the structure, outside appearance, or waterproofing, such as internal painting, laying carpet, or hanging pictures.
Faulty work or inappropriate materials used in building the property.
Anything of value given to someone involved in running a strata scheme (like a strata manager) because of their role.
Renovations or other work that upgrades the building or facilities.
Money lot owners pay to the owners corporation to run the strata scheme, split between the administrative fund and capital works fund, covering a stated date range.
Work that alters the building's structure or common property, such as moving structural walls or doing waterproofing.
A non-structural change inside a lot that does not affect the building's structure, outside appearance, or waterproofing, but still requires formal approval.
A written record of decisions made at a meeting.
Additional payments to the strata, typically credited to the capital works fund, on top of the ordinary levies when a strata scheme faces significant unexpected costs.
A way of dividing a building or land into different layers or sections so that separate parts can be owned and dealt with separately.
Shared essential services for running the building, like water, electricity, and gas.
Something that clearly helps the whole strata, not just one owner or a small group.
Performing your strata job in a careful, thoughtful, and responsible manner, like a reasonable person would in that role.
Acting honestly, fairly, and for the proper purpose of looking after the scheme, not using your position to play games or push hidden agendas.
A lot owner who has not paid all levies and any other amounts (interest and recovery costs) owed to the owners corporation, losing certain rights including the ability to vote at general meetings until everything is paid.
A system where the developer of a new strata building must lodge a sum of money as security and have the building independently inspected for defects over the first few years.
A person hired by the strata to take care of the day-to-day running and upkeep of the building's common areas.
A 10-year forecast that lists the big, infrequent jobs required to maintain the building and how much money the owners corporation should save in the capital works fund each year in preparation for the work. Examples include lift replacements or external painting.
When all the lots and common property in a strata scheme are sold together in one deal to a buyer (usually a developer), rather than each owner selling their lot separately.
An extra fee paid to some strata managers by an insurer, service provider, or the owners corporation in addition to the normal management fees.
The owners corporation's official rubber stamp, sometimes used as its legal signature when formally approving and signing important documents.
The person authorised to represent and vote for a company that owns a lot.
A Tribunal order appointing a strata manager to take over a dysfunctional strata for a set period.
The obligation on someone in a position of trust to act in another party's best interests, putting that party's interests ahead of their own, and avoiding conflicts of interest.
A report showing the income, expenses, assets and debts for the strata over a set period.
A statement lodged with the relevant authorities each year to ensure the fire and/or safety assets at the building are installed, maintained, and compliant.
The space within the thick black lines as shown on the strata plan.
An item put forward on an agenda for owners to consider and vote on. A motion becomes a resolution when it is passed at a meeting.
A law passed by parliament that applies in a particular place.
A document listing the items to be discussed at a meeting.
A yearly meeting where lot owners hear how the strata is running the building and vote on important motions.
A specially trained animal that helps a person with a disability manage the effects of that disability.
A meeting of all lot owners called between the yearly AGMs to decide on important issues that cannot wait.
An item that should be prepared and included in the developer handover that sets out what parts of the common property need regular upkeep, how they should be maintained, and how often.
A strata committee member who is the chairperson, treasurer, or secretary.
The entirety of the land, the lots, and common property that belong to the strata scheme.
A person authorised in writing by a lot owner to attend a meeting and vote on their behalf when they are unable to attend.
The minimum number of eligible lots that must be represented for a meeting to start.
A tenant whose details have been recorded on the strata roll.
A motion that has been passed at a meeting.
A meeting of the elected strata committee where they discuss and decide on day-to-day issues for the building.
The written agreement between the strata and a strata manager that sets out the duties of the strata manager and what they will be paid.
A drawing showing all parts and levels of the property and the boundaries between lots and common property, as well as other important information like unit entitlements that determine voting rights and the way levies are struck.
The legal framework that lets one block of land be split into lots and shared common property, so people or companies can own individual lots while a strata entity manages shared assets, rights, and responsibilities owed to others.
A specialist body that can make legally binding decisions and orders to resolve strata disputes.
A separate bank account where a strata manager must keep the strata entity's money, to be used only for authorised strata expenses.
The number used to calculate each lot owner's share of levies after the annual budget is set.
Any part of the land or building that is not inside a lot.
A way of owning property where each owner has their own lot and is responsible for the buildings within the lot, while sharing ownership of common areas like roads, gardens, or recreation facilities. Usually used for larger estates or mixed-use developments.
Specific powers or duties that the strata or strata committee has formally passed onto someone else (usually the strata manager) to make decisions and do things.
The set of policies that protect the strata from financial loss due to unexpected events, such as damage to the building or legal claims. It usually includes cover like building insurance, public liability, fidelity guarantee and voluntary workers' compensation. Note: the 'building sum insured' only covers the cost to rebuild the building as is, not the value of the land.
The main figures and summaries that show the strata's money position over a period, including income received, what was spent, and whether the scheme finished the year in surplus or deficit.
A confidential meeting where a neutral mediator helps people in a strata dispute reach agreement.
Insurance that protects individual committee members if they are personally sued over decisions they make in their committee role.
The law itself shields committee members from being personally sued or having to personally pay for most things they do in their role, as long as they were acting in good faith and within their powers.
A bank account used to pay a strata entity's everyday expenses.
A fixed regular amount paid to a strata manager for their standard management services set out in the service schedule of the strata management agreement.
A bank account to save for major or infrequent works and purchases.
The early phase of a new strata scheme that starts when the strata plan is first registered and the owners corporation is created. During this time the original owner acts as the strata and there is no need for annual reporting."
The group elected by the strata at the AGM to help run the strata scheme until the next AGM.
All lot owners of the day, acting together to make decisions and pay levies for the strata scheme. Also commonly known as the owners corporation or body corporate.
The official record of lot owners, managing agents, registered tenants, and mortgagees for the strata scheme.
The person, people, or company listed on the title as owner of a lot in the strata scheme.
Anyone lawfully living in a lot, including owners and tenants.
A licensed agent contracted by the strata to help manage the strata scheme.
The developer or land owner who owns the whole property at the moment the strata plan is first registered and the strata scheme is created.
