Activity

Strata management, a forward thinking concept which took its roots in the state of NSW in Australia has evolved into a property owner friendly initiative insurance firms been through lots of amendments. Further, new rules continually come around safe guard the eye in the lot owners by facilitating fast resolution of disputes which thus helps with building a breeding ground that is conducive to peaceful co-existence.

Apart from your Conveyancing Act of 1961, one other relevant legislations which help in strata management are as follows:

Community Land Development Act 1961.

Strata schemes Leasehold Development Act 1986

Dividing Fence Act 1991.

Residential Tenancies Act 2010.

Graffiti Control Act 1991

Privacy and Personal Information Protection Act 1998

These are few from the latest rules implemented from the Government to the successful running in the scheme.

Strata management which entails the day to day running of your scheme which in turn means the legal ownership of the part of the building additionally referred to as a lots. The individual lot owners have their ownership or property certificates for lot at the same time to express the joint ownership in the common property and common facilities.

Managing a strata schemes, especially for the medium and enormous ones just isn’t an easy task. Though some people aren’t in agreement with all the hiring of your professional management company, they should understand that there are a great deal of intricacies involved in the running of your property. Heritage holiday house in Blue Mountains involves great responsibility, requires detailed attention and time.

Strata management companies are capable of handling the running of strata schemes- residential, commercial and neighborhood schemes. So making use of their diversified knowledge the strata managers can handle just about any work linked to strata schemes.

While residing in a strata scheme one might understand its intricacies somewhat but to handle every day work, regulations and rules require knowledge professionalism, trust , unique qualities of each and every scheme.

Once you have struck up an arrangement with a reputed management company you will have a deeper understanding from the works performed by them. So any doubts that arises about cost cutting needs to be put to rest and you’ll begin with your daily business using a clear mind; being assured that you could go back home and relax in a very problem free environment.

Now let’s analyse what strata management encompasses:

A strata manager means that the scheme complies with the strata management Act to prevent any type of legal problem that might arise while using civic bodies.

Looks after all the overall costs including levies collection and payments, insurances, money for the sinking fund, budgeting and many types of accounting and record keeping.

He upholds the standards, meets the expectations and promotes the development of scheme.

Mitigation of any disputes

Closely work with all the Executive Committee members to take care of, and develop the normal property.

Helps the member in renting / leasing their lot.

So, you will end up doing yourself a favour by hiring perfect strata management agency, which aside from supplying you with a peaceful and problem free environment will also help out with enhancing the price of your property.