There is enough strata jargon out there to confuse all but the most heavily involved the industry. Confusing matters further is that there is no uniform strata terminology in Australia, with different states and territories using different terms.
Below we break down the major differences to strata terminology around the country.
Term for Body Corporate
Description – In strata property, each owner owns an individual lot (an apartment or townhouse, for instance) with every owner sharing ownership of the common property – driveways, footpaths, grounds and facilities. The body corporate is the collective body that administers the common property and it is made up of all the lot owners.
Term for the Committee
Description- Lot owners elected to the body corporate committee at the annual general meeting.
|TAS||Committee of Management|
Term for Strata Manager
Description- A strata manager is a company that manages an apartment block on behalf of all the individual owners in that block. They work in the owners’ collective interest and manage everything from legal compliance to building maintenance and financial administration.
|QLD||Body Corporate Manager|
|NSW||Strata Managing Agent|
|VIC||Owners Corporation Manager|
Term for Strata Title
Description: the name given to a single building or group of dwellings that (usually) sit on one piece of land. Individual units within these are always called Lots throughout Australia.
|QLD||Community Titles Scheme (CTS)|
|NSW||Strata Plan (SP)|
|Vic||Owners Corporation (OC)|
|SA||Strata Plan (SP)|
|WA||Strata Plan (SP)|
|NT||Strata Corporation (S/Corp)|
|Tasmania||Strata Corporation (S/Corp)|
Owner Financial Contributions
Description: The contribution that each lot owner within a Building has to contribute for their share of building expenses – things like insurance, gardening, maintaining the lifts, pools etc.
Terms for Sinking Fund
Description. Property owners in a strata scheme must pay regular levies. These levies go towards two areas:
An administration fund. This fund is used to cover the cost of any necessary insurances, budgeted repairs, and to pay contractors to perform ongoing maintenance tasks (lawn mowing, gardening etc.)
A sinking fund. The money in a sinking fund is used to cover the cost of major capital works or emergency repairs.
|NSW||Capital Works Fund|
Info for Prospective Buyers
Description. Whenever a strata lot is being sold, the owner that is selling has to provide some information to prospective buyers about the Lot. Thinks like how much the levies are, how much money is in the strata building’s bank account, any major work or defects. The information is contained in a document called an Information (Info) Certificate. Each State has a different name for these certificates.
|QLD||Section 206 is required to be provided by Sellers as part of a Contract for sale, Section 205 is requested by buyers or their legal representative.|
|NSW||Section 184 Certificate|
|VIC||Owners Corporation (OC) Certificate|
|SA||Section 41 Certificate|
|WA||Section 43 (1)(c) & (d) Certificate|
|NT||Body Corporate Certificate|
|TAS||Section 83 Certificate|
|ACT||Unit Titles Certificate|
Learn more about strata terms by accessing Stratacare’s “Strata Dictionary”