By Sammy Murfet, One Agency Collins Real Estate.
If you are or will be a Unit owner, you might have heard about Strata Management or Rules. Strata is the word we use when referring to a unit complex. A parcel of land that has been split up into smaller lots. When you buy a Unit, you automatically become a member of your complexes’ Body Corporate.
So, what does being a member of a Body Corporate entail? Well, its all set out in the Strata Titles Act (1998) that binds Tasmanian Unit owners individually and Body Corporates, collectively. It doesn’t matter if there are two units in the complex or twenty, you still are part of the Body Corporate and have legal obligations to fulfil.
Tasmanian legislation says that (amongst other things) all Body Corporates must hold Annual General Meetings, provide a copy of the By-Laws, appoint a secretary, treasurer and chairperson, and establish a Sinking Fund for future maintenance works.
Importantly, the Act also legislates that a Strata Insurance Policy must be placed at a unit complex. That is, a policy that provides building insurance for all units in the complex, together with public liability insurance over the driveway and other shared areas – and the cost of the premium is shared amongst the owners.
So why doesn’t individual building insurance on each unit cut it? A Strata Policy is mandated under legislation and mitigates the event of one unit experiencing a significant loss, being underinsured (or not insured at all), and the remaining units becoming impacted and devalued from one owner’s poor insurance. Without a Strata Policy, the owners individually and the Body Corporate are at risk.
A Strata Manager helps to support unit owners in managing their Body Corporate and provides guidance to ensure all Body Corporate requirements are met.
To learn more, One Agency Collins Real Estate is offering a free seminar at APEX House Ulverstone to learn about Strata Management and the obligations of a Body Corporate. Please take a look at the event information across the page.
Date: Thursday 29th August
Time: 2:00pm
Venue: Apex House
3 Gollan Street, Ulverstone