What is a residential strata scheme?
What is a residential strata scheme?
A residential strata scheme is a property where individuals own their own unit, while jointly owning and sharing responsibility for the common areas. These shared areas are commonly driveways, gardens and service infrastructure. These shared areas are managed by the Body Corporate (the collective term for all the individual owners). A Strata Manager looks after the maintenance, finances, insurance, and administration of the complex on behalf of the Body Corporate.
Who is the Body Corporate?
Who is the Body Corporate?
The body corporate is the controlling body of a strata scheme. The owners of the lots in the scheme form the body corporate which comes into existence automatically on registration of the strata plan.
The body corporate has certain functions under the Act. These include:
- to enforce the by-laws;
- to control, manage and improve the common property;
- to maintain the common property in good condition and keep it in good servicable repair;
- to maintain the insurance required by the Act and any further insurance that may be required by ordinary resolution of the body corporate;
- to allocate spaces to lots for vehicle parking on the common property; and
- to carry out other functions for the benefit of lot owners.
What is common property?
What is common property?
Common property is any part of a strata scheme that is shared by all owners, rather than belonging to one individual lot owner. The Body Corporate is generally responsible for maintaining and insuring these areas.
Common property may include:
- Driveways and shared pathways
- Gardens
- Roofs and external walls
- Stairwells, hallways and lifts
- Car parking spaces
- Shared infrastructure such as plumbing and electrical mains.
The exact boundaries of common property vary between complexes. If you're unsure what is common property in your complex, we can help you interpret your strata plan.
What are By laws?
What are By laws?
By-laws are the rules that help everyone in a strata scheme live and work together. They set out the rights and responsibilities of owners, tenants, and visitors, and are designed to protect the interests of everyone in the community.
Under the Strata Titles Act 1998, in Tasmania a standard set of by laws apply to all unit complexes. These by laws deal with things like:
- Keeping pets
- Noise and nuisance
- Renovations and alterations
- Use of common property
- Behaviour of residents and visitors