A strata company in Sydney, also known as a condominium corporation or homeowners association in some jurisdictions, is a legal entity responsible for managing and maintaining the common property and assets of a strata scheme. This unique form of property ownership allows individuals to own and have title to their individual units while sharing ownership and responsibilities for the common property.
The Key Roles in a Strata Company
The President
The President presides over meetings and ensures that they run smoothly and orderly. They are responsible for making sure all members have a chance to express their views and that all relevant matters are discussed.
The Vice President
The Vice President steps into the President’s role in their absence. They assist the President in performing their duties and take on additional responsibilities as needed.
The Secretary
The Secretary’s primary role is to maintain all the records of the strata corporation. This includes meeting minutes, correspondence, notices, orders, bylaws, rules, and other documentation.
The Treasurer
The Treasurer oversees the financial health of the strata corporation. This includes preparing budgets, financial statements, and managing funds. They also ensure that owners pay their strata fees and special levies on time.
The Strata Manager
The Strata Manager is typically a professional appointed by the strata council to help manage the day-to-day operations of the strata corporation. They serve as an advisor, mediator, coordinator, and chairperson, providing the necessary expertise to ensure the strata corporation functions effectively.
Strata Company – Beyond the Five Key Roles
Beyond these five key roles, the company has several other legal responsibilities. These include enforcing and making by-laws, managing and maintaining the common property for all owners, ensuring the strata scheme is adequately insured, resolving disputes among owners, and more.
The Value of Professional Strata Management Services
Incorporating the best strata management services can significantly aid in fulfilling these responsibilities effectively. Professional strata managers have the expertise and experience to navigate the complexities of strata management, from financial management to dispute resolution and compliance with relevant laws and regulations.
Conclusion
Understanding the legal responsibilities of a strata company in Sydney is crucial for every strata council member and owner. It ensures that the strata scheme runs smoothly, maintains its value, and provides a harmonious living environment for all residents. By clearly defining roles and responsibilities, these companies can fulfil their obligations and ensure the long-term success of the strata scheme.