Lot owners within a strata scheme maintain the ownership of their individual lot.  They also share the ownership of the common property through their membership of the Strata’s Owners Corporation.

A lot owner is responsible for the inner surfaces of the boundary walls, under surface of the ceiling (including paint), and the upper surface of the floor (including the carpet) in their lot. The common property is therefore all the remaining areas of the land and building, and the Owners Corporation is responsible for the overall management of the common property.

A strata managing agent is appointed by the Owners Corporation to assist it in fulfilling its functions and obligations in accordance with the Strata Schemes Management Act 2015 which include :

  • Maintaining the Strata roll
  • Holding Annual General Meetings
  • Financial record keeping and reporting
  • Repair and maintenance of the common property;
  • Assisting with strata legislative compliance; and
  • Organising the building insurance

The strata managing agent acts under the terms of a contract (Strata Management Agency Agreement) that specifies all Owners Corporation delegated functions, and any limitations that may apply.

The Strata Committee is a group of individuals elected by the Owners Corporation at each Annual General Meeting. The Strata Committee may appoint individuals to hold office bearers positions which include:

  • Chairperson who is responsible for presiding over meetings of the Owners Corporation and the Strata Committee
  • Secretary who is responsible for maintaining the strata roll, issuing notices to lot owners, preparing meeting agenda’s and minutes, as well as other administrative duties of the strata
  • Treasurer who is responsible for the accounting of all strata Administration and Capital Works Fund money, and other financial management of the Owners Corporation.

Generally, most of these responsibilities are delegated to the Strata Managing Agent.