Strata dictionary


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Strata dictionary

Commonly used strata terminology made easy

If you have recently moved into a strata property or a new committee member, you might be feeling overwhelmed by all the strata terminology.  If so, we’re here to help you make sense of it all. Our strata dictionary will help you understand some of the common and complex industry terms, tailored for your state.

This guide is a free and easy tool to help committees and property owners actively participate in strata matters with confidence.

Our strata dictionary is your comprehensive guide to strata terminology, including:

 

Commonly used strata terminology and their definitions

 

Committee members

Committee members are responsible for the administration of a strata property. They are a group of owners elected at each annual general meeting (AGM) who represent the owners corporation of the strata property. The committee carries out a range of duties such as the repairs and maintenance of the common property. The committee also has the responsibility of enforcing the by-laws or building rules. Other common references are a strata committee, managing committee, management committee, committee of management, or just the committee.

 

Common property

Common property refers to the areas of a strata building or community which every resident or owner shares, including foyers, driveways, fences, visitors parking and gardens. The duty of care of common property is the responsibility of the owners corporation (all property owners).

 

Company title

Company title is communal land ownership where a person is entitled to live in a residential building by acquiring shares in an incorporated company or association that owns the building. The purchase of shares in the company or association normally gives the shareholder a contractual right to occupy and exclusively use a specified part or parts of the building – such as a unit and/or car space – along with the right to use other parts of the property in common with other shareholders.

 

Common seal

Common seal is the physical stamp a strata committee or owners corporation uses to indicate its official agreement to something. The stamp must show the strata plan number, which contains the registration number of the strata plan.

 

Exclusive use

Exclusive use area is a part of the common property of the strata property which has been designated for the exclusive use of the owners and residents of a lot, through the by-laws or building rules.

 

Extraordinary general meeting

An extraordinary general meeting is held outside of an annual general meeting (AGM) to discuss matters that affects a lot owner or the owners corporation.

 

Levies

Levies or strata fees are contributions paid by owners to cover the expenditure of running a strata property. Levies are usually paid quarterly and are based on lot entitlement.

 

Lot

A lot is a part of land, buildings and airspace on a plan of subdivision that is separately owned and sold e.g. an apartment or townhouse. Technically, lots are those parts of land, building or airspace that are not common property, and can include sub-lots such as car spaces, storage bays, and storerooms.

 

Lot entitlement

Lot entitlement refers to an owner’s share of property which determines their voting rights and is used for calculating government rates and other charges.

 

Lot liability

Lot liability is the proportion of the owners corporation expenses that a lot owner is required to pay

 

Meeting minutes

Meeting minutes a documented record of all decisions and decisions for meetings held by the strata committee or owners corporation.

 

Motion

Motion is a proposal or agenda item put forward for discussion or a decision at a meeting.

 

Office bearers

Office bearers are the roles of a committee – chairperson, treasurer, or a secretary that represent the owners corporation in decision making.

 

Owners corporation

An owners corporation has the primary responsibility of overseeing and managing all common areas, infrastructure and shared amenities within a strata property. As an owner, you become part of an owners corporation and have a say on how your strata property is managed.

 

Proxy

Proxy is a person who represents a voter at an annual general meeting (AGM). A financial owner can delegate their voting rights to another person who becomes their proxy.

 

Special levy

Special levy is an additional financial contribution paid by the property owners (the owners corporation) to cover unexpected or underestimated expenditure.

 

Strata scheme

Strata scheme or property is a parcel of land with a building(s), where individuals each own a portion referred to as a lot. These buildings have common property but are not limited to areas such as driveways, pathways, fences, external walls and roof. A strata scheme can have a minimum of two lots and can be used for residential or commercial purposes or a mixture of both, and can be a vertical block of units (high-rise) or it can be all on the one level such as townhouses or commercial offices.

 

Strata roll

Strata roll is the register of the owners of every lot in a strata property. It also includes the names of other interested parties such as any mortgagees, covenant chargees or lessees (if notified).

 

Quorum

A quorum is the minimum number of owners required for a meeting to proceed.

Find commonly used words and definitions for your state

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New South Wales

Queensland

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Victoria