Strata

Melbourne is known as one of the most diverse and ‘liveable’ cities in the world, and the demand for more housing for the rapidly growing population is seeing a significant increase in strata title property development. When purchasing a property within a strata title, you will have individual ownership over a part of the title called a ‘lot’ or ‘unit’ as well as shared ownership of the common areas of the property. Details of your individual title and all relevant Owner’s Corporation information will be available for you to look over in the in the Vendor’s Statement, or Section 32 which forms part of the contract of sale. It is recommended to seek a professional advice when reviewing this document. Relevant legislation includes;

Owners Corporations Act 2006
Subdivision Act 1988
Owners Corporations Regulations 2007,
Subdivision (Permit and Certification Fees) Regulations 2000,
Subdivision (Procedures) Regulations 2000,
Subdivision (Registrar's Fees) Regulations 2004.

For OC matters, which require dispute resolution, the governing body is the Victorian Civil and Administrative Tribunal (VCAT). As industry professionals, Clarence Team Pty Ltd are always available to provide further insight into OC related issues and legislation. Feel free to contact us by phone or email to discuss your questions or OC requirements.

All multi-lot buildings are legally required to take out strata insurance to cover all common areas and shared property included on the strata title. The insurance premium will be divided between the various lot owners and must be renewed annually to comply with Victorian legislation.

Included in Strata Insurance are the following items;

Any improvements and fixtures forming part of the building accessible in common or shared areas.
Shared building services including pipes or cables used to provide water, electricity, gas and telecommunication to the building.

Not Included in Strata Insurance are;

Carpet and temporary floor, wall and ceiling coverings
Fixtures removable by lessee at the end of lease term
Anything prescribed as not forming part of the building

At Clarence Team Pty Ltd, we are affiliated with leading strata insurance provider CHU. We can negotiate competitive insurance rates with comprehensive strata insurance for our clients to ensure ongoing peace of mind and efficient claim handling.

What is an Owner’s Corporation?
An owner’s corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development

What are the main responsibilities of an Owner’s Corporation?
To arrange repairs and maintenance of common property, raise fees and levies from owners to meet financial obligations, arrange ongoing building insurance, provide OC Certificates, keep administrative records, and in general ensure smooth operation of the residences in accordance with the Owners Corporations Act 2006 and OC Rules and Regulations.

What are OC Managers?
Owners Corporation Managers are a service which, for a small annual fee, handle all aspects related to common areas of a building. This includes financial, building compliance, insurance, repairs and maintenance, dispute resolution and administration. In complexes where 8 or more lots exist, OC Managers are a crucial party in ensuring the smooth running and upkeep of the building.

If I purchase a property in a multi-lot residence what do I need to know?

You will have the right to vote on decisions which affect matters about the future changes and modifications to the building
You will be obliged to pay annual OC fees, levies and charges
You must comply with the OC Rules which govern your building
You have the right to join the OC Committee who are more actively involved in the upkeep and handling of issues related to the building

Strata

About Strata

STRATA INFORMATION

Strata Insurance

Information for Buyers

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