Strata agreements are contracts that set out the rights and responsibilities of owners in a strata-titled property. Strata titles are used in Australia, where it is common to have multi-unit buildings or apartment complexes. A strata agreement is essential in ensuring that all owners follow the same rules and regulations.
The Strata Titles Act of 1985 (WA) sets out the legal framework for strata titled property in Australia. These properties are managed by a strata company or strata manager. They are responsible for enforcing the strata agreements and ensuring all owners comply with them.
The strata agreement outlines the following:
1. Common property: This refers to areas of the building that are jointly owned by all the owners. It can include hallways, lifts, car parks, and gardens. The strata agreement will outline the maintenance and repair responsibilities of the strata company.
2. Lot property: This refers to the individual units owned by the owners. The strata agreement will outline the owner`s responsibilities for maintaining and repairing their unit. It will also outline any restrictions on renovations or alterations that the owners might want to undertake.
3. By-laws: The strata agreement will include the by-laws that govern the behavior of the owners. By-laws can include restrictions on noise levels, pet ownership, and the use of common property. The strata company has the authority to enforce these by-laws.
4. Levies: Owners are required to pay levies to cover the costs of maintaining and repairing the common property. The strata agreement will outline how the levies are calculated and when they are due.
5. Dispute resolution: The strata agreement will outline the procedures for resolving disputes between owners or between an owner and the strata company. This can include mediation or going to court.
In conclusion, strata agreements are an essential part of owning a strata-titled property in Australia. They help to ensure that all owners follow the same rules and regulations and that the property is maintained and repaired appropriately. If you are considering buying a strata-titled property, it is essential to understand your responsibilities under the strata agreement and to work with a knowledgeable strata manager to ensure compliance with the agreement.