Can owners change the strata manager?
Under Section 44 of the Act, the functions of the Strata Company are carried out by the council of owners therefore they can appoint a new strata manager. It is possible, however, that your current strata manager has a binding contract in place and there may also be additional by-laws in place that restricts this authority, therefore we advise you check your current contracts and by-laws.
How do we change to Central Coast Strata Management?
Once the council of owners have selected the type of service they would like, the process is relatively simple. The outgoing management company is advised and a handover date is set. Central Coast Strata Management will then collect your strata company's books, records, keys, remotes and plans from your previous manager and integrate them into our internal filing system. The financial records are loaded into our system and copies of your strata plan, by-laws, minutes and insurance certificate are published on our website. Owners are allocated login details to our website and all property managers and vendors are advised of the change. During this time your strata manager will work with the council of owners to address any outstanding maintenance and management issues.
What information do I need to provide for a new strata account to establish my financial records?
Who will prepare the Financial Statements and Reports?
Central Coast Strata management will prepare the Financial statements, Outstanding levies statement, Invoice receipts and Expenses statement, Tax return, Notice of intended AGM meeting, AGM Agenda, and AGM Minutes of the Meeting.
How are individual levy amounts decided?
Unless there is a by-law to the contrary, the levies can only be raised in accordance with Unit Entitlement. Unit Entitlement is set by a Licensed Valuer and shows the relative proportion of each owner's share in the scheme.
The owners determine what the levy amounts will be at a General Meeting and this is usually based on the strata company budget. This budget is decided on based on what the owners estimate the running costs of the strata company will be for the coming financial year.
Reasons why owners would agree to increase the levy contribution include rising electricity costs and insurance premiums. It is important to note that as owners, there is a responsibility to repair and maintain the common property at all times, therefore funds are required to be available for this purpose.
How often are meetings of the Owners Corporation held?
Every Owners Corporation (Body Corporate) is required to convene a general meeting at least once every 12 months, which is known as the ‘Annual General Meeting’ (AGM).
How often are Executive Committee Meetings held?
What do my levy contributions pay for?
2.The Sinking Fund - The sinking fund is intended for the long-term maintenance of the buildings and improvements at your property, such as replacement of carpet, repainting of common areas, replacement of building components or building refurbishment etc. This fund is required to accumulate over time so that the scheme has sufficient reserves to accommodate these long-term maintenance items when they occur.
Can our strata manager decide what is discussed at general meetings?
No, this is a responsibility of the council of owners. There are several items that must be considered, including the budget, election of councilors and levy contributions.Any items that owners have raised with their council throughout the year are often also discussed at these meetings.
What is defined as 'Common Property' in a Strata Scheme?
Common Property is defined as the part of a Strata Scheme which belongs to everybody, rather than to an individual. On a piece of land, anything not defined as part of a 'lot' is by default Common Property. This may include walkways, hallways, stairwells and garden areas. The Strata Plan will define exactly which is constituted Common Property for a particular Strata Scheme.
What are "Unit Entitlements"?
Each Strata Plan details the complete list of lots within the strata scheme, and lists a corresponding allocation of "Unit Entitlement". The total of all of the units on the plan is called the "Aggregate Unit Entitlement". The Unit Entitlement is used to determine the lot owner's: