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Strata Schemes

The Strata Schemes Management Act 1996 provides for the following:

• A system of financial management and decision making by defining the rights and responsibilities of the owners corporation and each owner and occupier in a strata scheme.
  


This includes:

• the management of funds and books of accounts

• the holding of meetings of the owners corporation and executive committee

• the responsibilities of the owners corporation to maintain common property and take out insurance

• the responsibilities of owners and occupiers
  
  

• A system for settling disputes in NSW strata schemes, including those in the day-to-day management.
  

Strata title has evolved considerably since its inception, with continual reviews of the legislation as the government attempts to meet the demands of home unit owners for resolution of the various challenges of communal living.

In February 2005 a number of important changes to the Strata Schemes Management 1996 came into effect. For more details about the strata schemes legislation amendment click here