Strata Communities and Management Assignment Help

Strata Communities and Management Assignment Help
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Strata Communities and Management Assignment Help

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The Overview of Strata Communities And Management

Strata title is a type of ownership planned and developed for apartment blocks having multiple levels and horizontal subdivisions having shared regions. The term “strata” refers to the apartments that are on separate levels. Earlier, the only sufficient approach of dividing ownership used to be company title that has several shortcomings like the problem in introducing mortgages. Strata title schemes comprise common property and individual lots. Common property is basically everything on the portion of land that a Lot does not comprise including common driveways, stairwells, gardens, roofs, and others. Lots are either garages, apartments, or storerooms, where each of these is displayed on the title currently owned by a Lot proprietor.

Strata management or body corporate management is a dedicated property management area that includes the daily management and operation of a property owned jointly and consists of numerous units, common facilities, and common areas. Deduced from an Australian property law concept or strata title, it applies to the management of common ownership in apartment structures on different levels. A number of jurisdictions embrace the idea of property owned jointly. By default, such schemes’ owners become members of a community or owners’ association. The associations eventually bear obligation for the management and upkeep of common areas including corridors and lobbies along with shared leisure facilities including gyms and swimming pools. They also run the financial and administrative aspects of the property.

The role of the strata’s manager is to work with the executive committee and owner’s corporation to manage, control, administer, and keep the property successfully and to generate an apt community environment and involve activities including budgeting, general accounting, arrears collections, invoicing of service charges or levies, contract management, financial reporting, communication with property shareholders, meeting preparation, implementation of by-laws or rules, coordination of maintenance activities, general secretarial tasks, and issuance of orders, notices, and certificates.

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