What is Strata Management Act 2013 Act 757?

An Act to provide for the proper maintenance and management of buildings and common property, and for related matters. 1. (1) This Act may be cited as the strata Management Act 2013.

What is the difference between strata title and company title?

Company title is a form of ownership that pre-dates strata title, which was introduced in the 1960’s. Company title entails that a company owns the building of units and land it occupies. Strata Title is governed by legislation called the Strata Schemes Management Act.

What is Strata law?

Different to torrens title, strata title involves having full ownership of one part of the property, with other areas being shared spaces. Similar to torrens title, this system has transformed property law across the world. Strata title allows you to own a unit or retail space within a building, called a ‘lot’.

Can a strata title be changed?

The new one-stop-shop for changes to strata schemes can be found on the NSW LRS website. Where changes to a scheme occur after registration of the strata plan and commencement of the scheme, NSW LRS may require registration of a new plan or dealing for these changes to be recorded and deemed to have ‘taken effect’.

What is SMA in property?

Introduced in 2013, the Strata Management Act 2013 (SMA) is to provide proper maintenance and management for buildings and common property and its related matters. Highrise residences such as flats, apartments, condominiums and townhouses are typical strata properties.

Can you self manage strata?

Self-managing your strata is an option to any owner of a small strata scheme. It will save your body corporate money and allow the owners to have more control in decision-making. However, doing so has its downsides as well.

Is your home under a strata or company title?

A small number of stratum title properties exist. Stratum is a combination of company and strata title; owners have a title but a company owns the common property.

How do I change my company title to a strata title?

Formal conversion is a two-step process:

1. First the members must resolve to convert from company title to strata title; and.
2. Secondly, the members must lodge a strata plan at the Land and Property Information (LPI).

Can a strata title be removed?

Section 51A of the SSFDA enables an application to terminate a strata scheme to be made directly to the Registrar General, Land and Property Information NSW.

Are strata bylaws enforceable?

The owners corporation must register the by-law with NSW Land Registry Services within 6 months of its approval in order for it to be valid and legally enforceable. A by-law also has no force or effect if it is inconsistent with the Strata Schemes Management Act 2015, or any other laws.

Who owns the land in a strata title?

Generally, as a strata owner, you own the air space within the boundaries of your lot, while the owners’ corporation owns and controls the fabric of the building and the land under and around it. Common property is all of the areas of the land and building that aren’t included in any lot.

Can you get out of strata?

It is also possible to terminate a strata scheme by lodging an application with the Registrar General on Real Property Act dealing Termination of a strata scheme form 15ST (PDF 228 KB). ). More information can be found on the NSW LRS fact sheet Termination of a strata scheme by the Registrar General (PDF 148 KB).