Self Management of Strata Title.
Often we are asked is it a legal requirement to have Strata units either self-managed or managed by a Licensed Strata Manager. It is compulsory for all Strata Schemes in NSW to have in place the requirements as per the Strata Schemes Management Act 2015, including:
• Annual general meetings must be held including a set Agenda of items such as setting a budget for day to day and long-term expenses, insurance, financial audits and tax returns, committee member appointment and any item that requires a resolution, such as maintenance to common property
• Meeting minutes must be kept
• Strata building, public liability and other insurances must be in place and an insurance valuation done every 5 years
• By-laws are to be registered with all owners and tenants to receive a copy
• Strata Roll, Strata Plan and Common Property Title Deed are to be kept and maintained
• Tradespeople contracts and insurances are to be maintained and updated every 12 months
• Bank account for finances and authorised signatures
• Keeping up to date with, and adhering to, all applicable laws. This includes planning; building; fire and safety inspections and work, health and safety laws.
While it is not compulsory to have a Licensed Strata Manager, it is best practice, particularly given the responsibility placed on owners to ensure financial records and other documents are maintained, adherence with legislation and resolving disputes amongst owners and tenants.
We charge a one-off low fee to set up a Strata property which does not comply, with the option to manage ongoing for our clients, or to be handed over for self-management.