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General FAQs
General FAQs
NSW strata laws are designed to help strata schemes run effectively. If you own, live in or rent a strata property, such as a townhouse or apartment, understanding how strata works will help you to get the most from your property and lifestyle, and resolve issues before they result in disputes or financial problems
Strata is a form of property ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The models allow for individual ownership of certain parts of a property and shared ownership of others.
A strata scheme is a building, or collection of buildings, where:
- the property that each individual owns is called a ‘lot’ (for example, an apartment, villa or townhouse)
- all the owners share ownership of and responsibility for the ‘common property’, such as external walls, foyers, and driveways.
The Owners Corporation (formerly known as the Body Corporate in NSW) is the governing entity that looks after the Strata Scheme in entirety. This entity has an extremely important and very responsible position in the running of a Strata Scheme.
Strata Schemes are a community of Owners operating as a democracy as governed by the Strata Schemes Management Act and is typically assisted by a Strata Managing Agent.
The Strata Schemes Management Act 2015 “the Act” and the Strata Scheme Management Regulation are the main pieces of legislation which sets out the procedures and processes to provide for the management of a Strata Scheme and to provide for the resolution of disputes arising in the Strata Scheme.