Strata Plan Is A Matter Of Record 1/08/2007 Keeping proper records is a major task for the Owners Corporations and the executive committees that oversee strata plans on behalf of several million Australians. But for many individual owners their personal knowledge of what records are required is often little known.
There is significant room for improvement according to the director of New South Wales Strata Management, Mr Richard Tooker, who is one of many in the industry that recommend that a greater awareness and involvement of owners be taken in their buildings’ operations.
“Knowledge is the key to making a significant contribution. We’ve long recommended that owners take an active interest in the workings of their Owners Corporation – a group of people that all too often go unheralded and are left with the responsibility of making the decisions about how a buildings’ strata scheme is administered.”
At the very heart of each Owners Corporation is what is called the executive committee which performs a leadership role.
Mr Tooker, whose company manages literally hundreds of strata schemes operating throughout Sydney says performance generally is quite good but his team sometimes finds gaps in the ‘paper trails’ that could cause strife if not handled properly.
Mr Tooker notes that there are three primary areas that are matters of record. They include the maintenance of a Strata Roll, an Annual Fire Safety Statement (required by some but not all councils), and the fulfilment of Insurance requirements covering the building, public liability, workers compensation and personal accident.
“The Strata Roll pertains to sections 96 – 99 of the Strata Schemes Management Act 1996 and records the details of property held in common and includes details of each individual lot.
“It is important that the roll contains entries which cover a wide range of details, and includes all the by-laws, which are the regulations that the Owners Corporation and its executive committee have set out to underpin the operation of the building on behalf all the owners.”
Strata style living has become increasingly popular because it often offers access to a higher standard of accommodation in often high density areas. A strata scheme is a collective method of allowing a number of owners to pool funds for the repair and maintenance of the buildings’ common areas such as swimming pool, gardens, elevators and parking, whilst still enjoying private ownership of personal living space.
“Professional strata managers, through their oversight role, offer an Owners Corporation a level of expertise that allows the administrators go about their work with a very high level of confidence that they are fully meeting their obligations.”
New South Wales Strata Management (formerly Gilmour Strata Management) commenced business in early 1991, as a member of the highly respected J A Gilmour & Sons group of companies. Licensed solely and specialising only in strata management services, the company has steadily grown to become one of the largest such organisations in New South Wales.
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