Townhouse and Apartment Living
What is a Strata Complex?
When you choose to live in a residential apartment, townhouse, unit, villa or duplex, you enter into what is known as a strata complex. A strata complex, otherwise known as a strata townhouse or apartment scheme, is a system for handling the legal ownership of the shared portions of your building. In Victoria, strata schemes are called Owners Corporations, although probably better know by their old term, Body Corporates.
The common property in your building that needs to be managed will include communal or common property areas such as stairwells, gardens, pools, driveways, laundries, lobbies, and building exteriors.
What is an Owners Corporation or Body Corporate?
An Owners Corporation is a legal entity comprised of owners in your communal building. In some states, it’s still known as the Body Corporate.
The role of an apartment or townhouse Body Corporate or Owners Corporation is to manage common property, help make decisions on behalf of the majority and make your co-living experience as seamless as possible.
Body Corporate – Townhouse or Apartment
In a townhouse or apartment, some of the functions your Body Corporate will coordinate include daily affairs, insurance, meetings, collecting and banking fees, administration and maintenance and repair of shared areas.
Each year the Body Corporate Manager will prepare a budget to cover all expected administration expenses. Your yearly apartment or townhouse strata fees are then agreed to by the lot owners at each Annual General Meeting.