Strata communities are the new and affordable way to get your dream home, and if you are considering getting yourself a lot, then there are a few terms that might seem a little confusing for you at first. When you buy a lot or apartment, you will immediately be part of the owner’s corporation, formerly referred to as body corporate for the building. It is the name that is referred to all the owners within the strata community.
Once you are part of the owner’s corporation, you have the right to make decisions on factors that will influence your community’s functions. Therefore, every year at the annual general meeting, you form a committee responsible for representing all owners within the community.
The committee will be responsible for all record-keeping, building finances, and adequate maintenance of the common property. Below is a detailed list of the role play owner’s corporation within the community.
Responsibilities Of The Owner’s Corporation
As an owner’s corporation, there are a few things that are expected from you.
– They need to ensure that they manage and administer the common property that surrounds the building; this is the gardens, swimming pool, lifts, to name a few.
– As a corporation, you will also need to ensure proper maintenance and repairs are being carried out on the common property.
– Maintain proper insurance for the premises, and these need to be paid on time.
– Proper reporting needs to be done; this is preparing accurate financial statements and keeping adequate financial records.
– The office should have an updated owner’s corporation register.
– They should also be able to establish a grievance procedure.
– When requested, they should be able to provide the owner’s corporation certificate.
– They should also carry out duties and functions that have been stipulated under the Owners Corporation Act 2006, owner’s corporation rules, owner’s corporation regulations 2018, plus any other laws or legislations that arise.
– Also, they should ensure that they comply with the act rules and regulations that have been set.
From the above list of responsibilities, managing the owner’s corporation is a very overwhelming task. Not forgetting the need to be up-to-date with the legislative changes or even the market changes. Because of the considerable responsibility, most corporations hire specialists to carry out these tasks on behalf of the owners.
The owner’s corporation is responsible for the community by effectively managing the common area and ensuring they abide by the set laws and regulations. At times the tasks can be overwhelming, leading them to hire a manager to run the activities on behalf of the owners. When selecting a strata manager, ensure they have knowledge of the field, have good reporting skills, efficiently communicate, have several years of experience in managing different strata communities and is well informed of the legislation that affects your community. These are essential skills that will assure you the start manager will run the community efficiently and professionally.