Glossary

 

A binding legal agreement used to agree to the Strata Management of a Scheme. This will list standard management fees, term of the agreement, insurance commissions as well as any additional costs agreed to by the parties involved.

This is the annual meeting of the Owners Corporation. This meeting is generally used to decide items such as insurance renewal terms, Strata Management, Appointment of Strata/Executive Committees and levy contributions to name a few.

​These are a legally binding set of rules that are registered for the Scheme. Failure to abide by these rules can result in breach notices, notice to complies and possible orders issued by NCAT or Courts.

This is a sub account of any Strata Schemes Trust Account. This is used for long term replacement or major repairs to Common Property and can be looked at as somewhat of an investment fund to the long-term requirement of the building.

​Lists the current period of coverage and policies of insurance held by a Scheme.

The Common Seal of the Owners Corporation. This is used for the same purposes a Company Seal would be used for.

Made up of all Notified Owners of the Association.

Any area owned by the Community Association as a whole.

This is the location plan and list of units of entitlement for each Lot. This also the reference point to what is Lot Property and what is Community/Neighbourhood or Precent Property.

A levy is the financial contribution payable by any lot in a Strata or Deposited Plan. These funds are payable to the Trust Account and pay for both the day to day running of the Plan. It includes costs for insurance, grounds, plumbing, other general maintenance items as will as long term major repairs and replacements for Common Property items. Levies are set at every AGM. Special Levies can also be raised for special projects or an injection of funds

Made up of all Notified Owners of the Association.

A total of all Notified Owners as a whole.

​A form that assigns a voting parties powers to another individual.

​Same meaning as Section 22 Certificate for any Deposited Plan.

This is a schedule set out as part of the original Registered Plan. This is used to determine voting rights.

An annual compliance document required by Local Council and NSW Fire Brigade to ensure any essential fire safety measures listed as part of the Occupancy Certification are functional and ready for use. MANDATORY

The BMS is a statement that is utilised to outline the management of a Building Management Committee ("BMC")

This is a warning notice(s) issued to a person or lot that is breaking the conditions laid out in the Schemes By-Laws/Management Statement.

This is a 10 yearly report that is a mandatory requirement under the Strata Schemes Management Act 2016. This report provides a forecast of replacement items, costs and life span for items of Common Property.

The Certificate of Title is a legal document for the common/community/ neighbourhood/precinct property. This lists any restrictions to the property, any changes to the By-Laws or Management Statement and any easements listed that affect the Scheme.

Any area owned by the Owners Corporation as a whole.

A legal document containing all conditions that must be adhered to by all Owners and often includes By-Laws as well.

When a Lot is owned in the name of a Company, A Company Nominee(s) should be elected to hold the voting rights of the Lot for the purposes of Meetings. Without this form being completed, the Lot cannot vote. This is because a Company is not a person and only a person can hold voting rights.

​This is a meeting held throughout the year to discuss additional and sometimes urgent items that were not apparent at or cannot wait until the next Annual General Meeting. These items can include By-Law approvals, engaging legal representation, quote approvals for major works etc.

This means one or more cubic space areas as shown on the Registered Plan.

​This Tribunal has replaced the Consumer, Trader & Tenancy Tribunal. The purpose of this organisation is to provide an impartial party to be involved in either mediation or making orders on a Lot.

​A Certificate provided to a Developer/Builder to certify that construction has been completed in accordance with the Development Application and adhering to all terms in such document. It shows that the building(s) is now safe to be occupied.

This is a certificate to confirm the transfer of a property to another party. This Certificate should be provided to the Strata Managing Agent within 14 days of settlement. The Lot Owner details cannot be changed without this document.

A financial certificate specifically for one lot which details the current position of levies as well as insurances. This document is usually requested during the sale of a Lot.