The owner corporation, also known formerly known as a body corporate, is made up of all landowners in a strata territory.
Collectively, the owner corporation is responsible for performing the tasks necessary under the applicable legislation, including the management of common land, facilities, and shared facilities. If you move into a strata title property, you immediately become a member of the owner’s corporation as a lot member. You cannot ‘opt-out’ of the responsibilities that go hand in hand with being a representative.
The main duties of the owner corporation involve:
- Maintenance and repair control and management of the shared property.
- Handling Finance and Assets.
- Authorizing notices of payments to owners.
- Holding books and preparing financial reports for the accounts.
- Handling compliance with buildings and insurance requirements for common land.
- Holding accounts and records of all strata property problems.
- Appointment of the Strata Committee.
It is guaranteeing that the by-laws or building codes are in compliance with state law and that all owners and tenants are provided with a copy so that they are mindful of their rights, obligations, and limitations.
What Is a Strata Committee?
The strata committee usually represents the interests of the collective owner (the owner corporation) and makes such decisions for the group.
Collaborating with the strata and/or building managers, they work as a team to ensure the smooth functioning of the strata properties. You can find strata management companies that are willing to work with body corporate Warrnambool or elsewhere.
The aims and actions of the committee must be compliant with the provisions of the owner corporation, as well as the legislation of the state and federal states. The Strata Committee is usually the first point of communication for private owners if they have a strata related topic that they want to address.
Property owners should also bring issues pertaining to the preservation of common land to the knowledge of the strata committee so that an adequate procedure can be pursued to carry out maintenance and repairs.
The main tasks of the Strata Committee involve:
- Oversight on day-to-day management and maintenance of common land.
- Make such decisions, within their capacities, on account of the owners of the corporation.
- Examination of owners’ requests, such as pet applications, flooring applications.
- Breaches of the by-law (or rule).
- Electing office-holders to carry out the particular tasks set out in the law.
- Meetings, organization of agendas and minutes, and exchange of reports.
- Coordinating the duties of the strata manager and the building manager.
- Examination of financial reports and approval of invoices.
In order to ensure that the strata committee offers a quick response to owners, they should follow a mechanism that sets out the structure of their decision-making process:
- Highlight the timeline for acceptance of an application by the Committee.
- If the request has been made without adequate details to determine, the committee should have a mechanism and timeline in place to request more information.
- Know that the application should be denied if the applicant fails to provide the requisite details within a fair period of time.
- Set the time limit for the final decision to be taken.
- Provide a mechanism for appeals if the applicants wish to appeal the ruling.
This is the most basic difference between a strata committee and an owner’s corporation. The main body is the owner’s corporation while the strata committee falls underneath its jurisdiction.