Learn > Before You Buy > Definitions
Definitions
IT’S DIFFERENT
Ownership with other people (Strata) is very different to a freestanding property.
There are responsibilities and obligations… e.g.you may be required to ask permission for changing your bathroom tiles.
Chat to a few people with different experiences.
Meeting a Strata Committee member may be helpful.
To contact the committee, try the strata manager – details from Noticeboards / website / Real Estate Agent
The strata roll lists the strata manager details and an address for correspondence.
Ask some of the occupants.
SHARED LIVING
Read the By-laws to check the community rules match your lifestyle.
Think about what you will own and what you will share of the ownership costs (levies) – note that for a new building, the levies are set very low and will increase. This may be due to some costs not being included while warranties are still active; it is possible for levies to increase by a third or double.
WEBSITES
A huge amount of easy-to-read or watch information is available online.
Start with NSW-gov.au Strata Living, sign up to Newsletters
(OCN / Lookup Strata).
BE AWARE OF SIMILAR WORDS & PHRASES
A building or group of buildings that is divided into ‘lots’ such as an apartment, townhouse or villa.
A seller must include a copy of the plan as part of the contract of sale. It is a legal requirement.
If the strata plan is not in your contract of sale, your solicitor or conveyancer can get it for you.
A form of ownership of units and townhouses, which generally has a combination of private residences plus communal spaces.
Any building or complex set up under the various Strata Schemes Acts and Regulations in NSW.
For example, residential plus commercial or retail. Mixed use developments have ‘shared facilities’, typically, car parking, loading docks, electrical plant and infrastructure.
They are usually managed by a Building Management Committee (BMC). A member of the owner’s corporation is an elected representative on the BMC.
All owners in a strata scheme (building/complex).
What you own. This is usually everything inside the inner surface of the walls, ceiling and floor.
Note that changes to walls within your property may require permission, due to being connected with common walls.
The company responsible for organising administration.
For example, co-ordinating AGMs and other meetings, assisting in preparing budgets, issuing levy notices and paying invoices.
A contract between the Strata Manager and the Owners Corporation sets out terms of the agreement.
Coordinates maintenance and upkeep of common property per an Agreement.
A group of owners (volunteers) elected by the Owners Corporation (OC) at the Annual General Meeting (AGM). They are responsible for assisting the OC in the day-to-day running of the scheme.
They are bound by State laws and may have a Code of Conduct.
Making Strata meetings work for you, Strata Skills 101 (video)
Strata Schemes in NSW must record their details on the NSW Government Strata Hub. There are no exemptions for strata schemes in NSW.
Strata Hub reporting will bring greater accountability on how strata schemes are run.
More information: NSW.gov Strata Hub
