Strata Reports & Strata Matters
McMahon Turner Solicitors & Conveyancers regularly assists clients with Strata Reports, Strata matters and By-Laws.
When purchasing a Strata property, it is essential to conduct a search on the financial position of the body corporate. This search is called a “Strata Report”.
The holder of the body corporate records is usually a Strata Management Company. If the body corporate is self-managed then the body corporate records are held with one of the Executive Committee members.
Strata Reports can be confusing and difficult to understand.
It is vital to understand the implications of the findings of a Strata Report.
We will identify and address the issues raised in the Strata Report and provide you with advice as to the findings.
Strata Reports should include:
- Financial records
- Minutes of meetings
- Lot owner’s details
- Records of maintenance and repairs
- Records of disputes
- Relevant Reports
- Insurance details
- Insurance claims
- Special levies
Dealing with Strata matters and By-Laws can also be a difficult and confusing experience.
Strata matters and By-Laws may include:
- Strata Disputes
- Exclusive Use Applications
- Drafting By-Laws
- Advising on By-Laws
- Pet approvals
- CTTT Applications
- Registration and Variation of Strata Plans
- Strata Levy Collection
You can be confident that through our experience and expertise with Strata Reports including Strata matters and By-Laws we will properly explain to you the findings of the Strata Report.
For Strata Reports, Strata Matters and By-Laws phone McMahon Turner Solicitors & Conveyancers on (02) 9982 8800.
- What are Strata Levies?
- What is an Administrative Fund?
- What is a Sinking Fund?
- What is a Special Levy?
- What is an Annual General Meeting?
- What is an Extraordinary General Meeting?
- What is Executive Committee Meeting?
A: Strata Levies are fees paid by the individual lot owners.
The levies are paid to the body corporate for the maintenance, repair and future works and are paid quarterly.
Levies are a combination of payment to the administrative fund and to the sinking fund.
A: This fund is used to pay for all day-to-day and regular expenses related to the common property areas. For example: cleaning, gardening, utility bills for the common property, insurance premiums, small repairs, bank charges, strata management fees if any.
A: This fund is used to cover major renewal, repair and replacement works, roofing works, concrete cancer rectification, painting of common property, carpet replacement, balconies etc.
A: As a result of planned upgrading or renovation works, the body corporate may require each lot owner to contribute to the additional expense. As the sinking fund may not have sufficient funds to cover such works.
By agreement, each lot owner would be levied an additional payment called a “Special Levy”. This is payable in addition to your standard Strata Levies.
A: An Annual General Meeting (AGM) is attended by the Executive Committee, the lot owners and the Strata Manager.
An AGM must be held each year. The Agenda usually includes the motion to accept Financial Statement, information about insurance held, motion to elect the Executive Committee. All owners should attend at least the AGM to be aware of the issues in their strata building.
A: All general meetings that are not Annual General Meetings are called Extraordinary General Meetings (EGM). EGM might be required when a matter cannot wait until the next AGM – such as to authorise major works, raise a special levy, change by-laws, appoint a Strata Manager, etc.
A: The NSW Strata Schemes Management Act 1996 does not specify how often an Executive Committee must meet. An ECM may be requested by at least 1/3 of the Executive Committee members or by a previous resolution of the Executive Committee itself.
Access the current legislation here: