A Strata Plan is a property where a building has been divided into individual units and a common area property. All existing Strata Plans continue to operate under the Strata Titles Act 1988.
A Strata Corporation can decide to adopt the Community Titles Act 1996 and to operate as a Community Strata Scheme, by an ordinary resolution. A copy of the resolution is then lodged with the Land Titles Office. The Articles of the Strata Corporation then become the By-laws of the new Community Corporation.
There are two types of a Community Title.
1) A Community Scheme is a property which has been divided into individual lots, usually without height restrictions, plus a common area property.
2) A Community Strata Scheme is a property where a building has been divided into individual units but must have one unit above another (unless it was a Strata Plan), plus a common area property.
One of the biggest differences in a Community Title from a Strata Plan is that owners arrange their own insurance and are responsible for their Lot. The Community Corporation still insures and manages common area property and the by-laws.
Your rights relate to the services that the Body Corporation provides you for the enjoyment of your property.
Your responsibilities relate to your financial obligations, restrictions to what you can do to your property and on the common area property, and the running of the Body Corporation.
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Under South Australian legislation, property owners under a Community Title or Strata Plan are the Body Corporate and must manage the affairs of the property, including the common area. These affairs must be run in a business-like manner in accordance with the Strata Titles Act 1988 or Community Titles Act 1996, and include such activities as:
· Corporation set-up and handover from the property developer
· holding meetings, preparing agendas & minutes
· maintain financial records, ie, contributions received & expenses paid
· pay accounts and outgoings
· maintain banking
· arrange preparation of annual taxation return, if applicable
· prepare annual budget
· keep a Common Seal
· maintain various records as required under legislation
· maintain a register of lot owners
· maintain insurance policies
· co-ordinate repairs and maintenance
· mediate dispute resolution
· arrange updates of By-laws as required