If you’re thinking about joining a strata council or owning a property that is part of a strata scheme, you might wonder “What is the act of strata management“. There are many things you need to know and understand about this law before you can decide whether or not it’s the right move for you. The Act of Strata Management covers everything from the duties of a strata manager, to the responsibilities of Strata owners and the responsibilities of the Strata Management Tribunal.
Duties of a strata manager
A strata manager’s duties may include organizing and conducting general meetings, maintaining a database of owners, keeping track of invoices and distributing minutes and agendas. They also prepare budgets, coordinate repairs and arrange for contractors to perform work. In addition, the manager can help settle disputes between lot owners.
A strata manager can also offer free assessments to potential property buyers. They can also provide information on how to run a strata scheme, including how to maintain common property.
A strata manager can also assist with the collection of levies. The manager collects funds based on approved budgets and makes payments on time. This ensures that the corporation is in a healthy financial position.
Strata management is governed by the Real Estate Services Act. It is important that the manager is licensed. Strata managers must also be experienced in handling different types of schemes.
Strata Managers are liable for the administration of federal and state laws, as well as by-laws. They must also enforce these laws.
Strata by-laws are a set of rules that every resident of a Strata Scheme must abide by. These laws are designed to help residents live peacefully in their units. They include rules regarding noise, smoking, pet policies and more.
In order to enforce by-laws, the Owners Corporation can fine residents or issue penalties. Penalties may also be imposed by the NSW Civil & Administrative Tribunal.
Strata by-laws are designed to make administration easier. They often cover common property and cover such things as parking, use of the lot and smoke regulations.
There are also some by-laws that relate to exclusive use of the lot, alterations to the lot and repairs. Some by-laws require that owners obtain written permission to build, renovate or alter common property. The by-law must state who is responsible for maintaining the property.
Often, strata by-laws are updated. For example, the by-laws may be updated to address new issues and provide more specific details.
Strata management tribunal
The Strata Management Tribunal is a quasi-judicial institution that offers solutions to house owners in disputes relating to the Strata Management Act. It is governed by the Strata Management Act (SMA) and operates under the Housing and Local Government Ministry.
It is an alternative form of dispute resolution. Members of the Tribunal must be admitted advocates or solicitors with a minimum of seven years’ standing.
This quasi-judicial body has been known to provide fast and efficient relief for house owners. It has also been praised by the National House Buyers Association for providing an avenue for disputing stratified property matters.
SMT will hear claims involving a number of different issues, including: maintenance fees, charges, sinking fund, insurance claim, by-laws, and repair costs for defects in common areas. If the parties are not satisfied with the outcome, they may appeal the decision to the High Court.
A Strata Management Tribunal can order an individual or group to pay compensation for damages caused to another person. It can also order a person to perform a task. Strata Management Tribunals can also grant ancillary orders, such as allowing one party to hire a lawyer.
Strata owners’ responsibilities
If you have bought a strata property, it’s important that you understand your responsibilities. Defining your responsibilities can save you headaches in the future. You will also need to know the laws and regulations surrounding SMA (Strata Management Act) and bylaws.
Property managers manage the common funds and ensure the buildings are well maintained. They also deal with disputes and insurance claims. These professionals are experienced and knowledgeable about state-based legislation.
Strata owners must adhere to the governing bylaws. Bylaws provide rules that promote harmonious living. For example, bylaws may prohibit smoking, or allow pets. The bylaws are typically registered with the state body.
Strata owners must pay their management fees within 14 days of receiving a payment notice. Defaulters will be charged interest on the outstanding balance.
Strata council members are elected every year at the annual general meeting. Each unit owner is represented by the MC. Strata councils can be a valuable resource for residents. MCs can be hired or volunteer.