Strata Life

Often people wonder why it is necessary for a common property to exist, These are the five purposes and even benefits of having a common property 1. Enjoyment by owners and occupiers or residents of the common property - keeping in line when I refer to common property it includes schools, gyms, playgrounds, tennis court, and all those types of facilities and areas that are shared with other residences. These types of facilities are enjoyed by the residents because not all single dwelling or standalone houses have these types of facilities or are readily available to them. 2. Shared expenses to maintain or repair the common property - if a person and a standalone house own a pool, they would bear the full cost to repair and maintain a pool. For example, whereby in a common property because it is shared, and enjoyment expenses are also shared which is not a hard hit on the pocket of the owners 3. Democracy is exercised when making decisions to maintain repair the common property - what is excellent about living in a strata community is you get to be heard by your vote on when and how often should repair or maintenance be carried out on the common property and then that way where your vote is counted and it is heard then it is granted you are able to have a say on how much is to be spent and what needs to be carried out on the repair and maintenance of the common problem 4. Strata insurance protects reinstatement of public liability of common property - of course where the expenses and repair and maintenance are shared amongst owners so is the insurance coverage what's good about this is that the owners share the insurance premium to protect the repair and maintenance of the common property and that includes where there's impact damage or accidents that occur in relation to the share facility or common property insurance covers that and the insurance is through the strata insurance which means there's a larger in where its an accident that occurs or impact damage it is highly likely that insurance will cover that on the condition that the continued repair and maintenance of the common property is proven to be carried out by the strata community 5. Keep the value of your individual property within the market value of the property- where the common property is well kept and maintained it has a significant positive effect on your individual property and that means we're able to maintain the property market value and you also have a say the way the common property is maintained there for you have a say in the impact of the same to your proper property market value.

The administration or operational budget is passed usually at an annual general meeting. These are simply put the regular expenses. Here are the five purposes of why this particular budget should be raised at each and will general meeting by your strata community .1. Regular repair and maintenance of the common property - there is no doubt that from time to time your strata community's common property would require regular repair and maintenance and raising that administration or operational budget is definitely important in carrying out these regular repairs or maintenance. 2. Common property insurance premium - a big chunk as we say of administration or operational budget is for that funding to be contributed to the premium of the strata insurance. It's important that the strata community make sure that there's a sufficient budget to make sure that all properties and common property and all the legal requirements to give protection to the strata community are covered in that premium to avoid necessary special levies being raised . 3. Strata managers professional fees - where your strata community has hired a strata manager, part of the administration or operational budget would be allocated to the professional fees of your strata manager. 4. Emergency works for common property - it is essential that your strata community puts in funding for any emergency works for common properly. It would be very difficult to comply with any legal obligations, moral obligations, and safety obligations of your occupiers if there is little budget for emergency works it is difficult to determine when an emergency would occur does call the emergency and therefore, a budget should be included at the annual general meeting. 5. Contingency funds - a healthy budget would allow not less than 10% contingency fund for the strata community to allow for any increase in payment for services and goods. Your strata community must make sure that there is a contingency fund or percentage allocated in your administration or operational budget .

This particular podcast covers what should be in the agenda items of committee meetings 1. Resolution to accept the financial statements presented for the period - when I refer to the period that could mean depending on how often a committee meets so it could be the financial statement for the monthly period. quarterly period. and semiannual period. 2. Resolve to provide particular instructions to the manager on surfing directions that they could make decisions on - this allows the manager to provide action items so that they don't always have to go back for each and every single new item on the action list the committee could resolve to make for appointing the manager the strata manager as an agent who actions the decisions of the committee 3. A resolution to approve maintenance or repair works for the common property which could include urgent works - the committee must make sure that when they make decisions in respect of approving maintenance or repair works that such a decision is still within their powers otherwise if it's beyond their powers that means that they need to go back and hold a general meeting to have all members of the strata community make a decision in respect of the maintenance or repair works 4. Resolve to review and action dispute resolution matters if any - this is the opportunity for the committee to determine whether there had been any issues amongst residents and owners in other words neighborhood disputes that have come to the attention of the strata community. a decision should be made on whether the complaints or issues raised to them should be actioned by the strata community and what is the next action that’s ought to be taken and that could mean holding a dispute resolution meeting or deciding to have to take for their action in the matter or whether it's a matter that ought to be escalated to a tribunal or court 5. A resolution to determine when to hold the next committee meetings and its agenda items - it is prudent that the committee determines when they should meet next so that all the committee members are informed and they could make a decision whether they could hold the meeting at an agreed time and date so that they could block off their commitments and more informed and a collection of the decision-making of all the committee members are made at the next meeting. Also, it's an opportunity to determine what are the main agenda items in the next committee meetings these are the 5 committee meeting agendas strata enthusiast.

In today's podcast I want to cover “How do you register rules of the owner's corporation?” The traditional way before electronic lodgment of land Victoria documents were done was that, a form is completed, a form created by land Victoria, it is signed by either an owners corporation representative or the solicitor of the owners corporation and then a clerk would then file that form along with certified copy of the rules and a copy of the certified minutes of the owners corporation proving that the special resolution was passed in support of the rules that’s being registered.In respect to the rules that are being registered I’m referring to special rules other than model rules. That was the traditional way of lodging rules. Nowadays many many things are now lodged in land Victoria titles office electronically and that is done in a different way only to the extent of it being lodge electronically and at the moment what is available for lodgment of land Victoria documents is the platform called PEXA, P-E-X-A, similarly to the traditional way of lodging rules of form of land Victoria is completed but this time it is completed by either a solicitor of the owners corporation or if there's a conveyancer who has access to PEXA as certified copy of the rules that’s being registered and a certified copy meaning a signed copy of the minute supporting that the special resolution was passed to support the making of the special rules.All those three documents are then lodge electronically through PEXA by a subscriber and the subscriber would only be either a solicitor who has access to PEXA for a conveyancer. once that’s lodged electronically the owners corporation will then wait for the documents to be registered on the plan of subdivision, a confirmation is then provided that has been lodged and then a search could be done to confirm that the rules had been registered on the plan of subdivision, that is the process now of electronically lodging rules of the owners corporation so that is registered on title capable of enforcement.

The truth is, neighborhood disputes could occur in a strata community development. What your strata community must do is simply consider these disputes as part and parcel of strata community living that should be dealt with by using resources that help resolve them. Here are 5 resources of your strata community that could help resolve disputes.1. Chart with a diagram of the dispute resolution procedureCreating a chart that illustrates the dispute resolution process, and a copy of that chart being issued to all owners and residents will contribute to a clear chain of communication and documents that are relevant in the dispute resolution process.2. List of legal requirements to the dispute resolution processThe source of a list of legal requirements to a dispute resolution process for your strata community will depend on the legal requirements of your relevant state or territory. Create a list of these legal requirements so that it is clear to the parties of the dispute why particular documents and steps are required to be presented or produced.3. Last annual general meeting or committee meeting minutesAt the last annual general meeting or committee meeting of your strata community, it would have been decided whether your community, any office bearer or manager are given particular delegated powers to deal with the dispute resolution process. It is prudent that the delegated powers are determined before the commencement of the dispute resolution process so that all decisions made in relation to the process are legal, which ultimately avoids wasting time and money of the strata community.4. Platform to hold the dispute resolution meetingWhether it is face to face or through any electronic platforms, such platform for the dispute resolution meeting should be easily accessed by the parties so that there is a fair opportunity for all parties to attend that meeting. That way, the parties are given fair opportunity to be heard, negotiate and resolve the dispute.5. Plan of subdivision and title extractThe strata community should obtain a copy of the plan of subdivision and title extract to make sure all parties are aware of their role in the community. By being aware of the boundaries, contributions and entitlements, including the membership, the parties are provided clarity on their membership, obligations and rights in the strata community.

Part and parcel of strata community living is compliance with the rules and regulations and management of the same. This requires good governance and retention of important documents by the strata community. 1. Plan of subdivision A copy of the plan of subdivision should be retained because it not only provides the boundaries (what is common property and what is private property), it also gives guidance on who should contribute to the costs of the strata community expenses. It will be very difficult for the strata community to operate if it does not rely on its plan of subdivision. 2. Minutes of meetings or ballots To make sure all decisions of the strata community are validly passed (which means the strata community was legally authorised to make decisions) evidence of those decisions should be recorded on meeting minutes or ballots. The absence of recorded decisions in minutes could open the strata community to risks of acting without legal decisions being made. 3. Financial statements In annual general meetings of a strata community, financial statements are presented. This document records, based on the previous financial year the following: strata community’s expenses, collected levy payment from the members or arrears of members. It also details the breakdown of the proposed budget for the upcoming financial year. A copy of the financial statements from previous and current financial years must be retained for the obvious reason that there must be evidence available to all members to demonstrate how the funds collected from them have been and will be spent. 4. List of members’ names, postal address, email address and contact number It goes without saying that the strata community must have an accurate list of all its members’ names, postal address, email address and contact number so that they receive all documents of the strata community. We emphasise the word accuracy. If the strata community does not have the members’ accurate details, consequently, the member would not receive the documents and in turn the member would not be able to pay their contribution levies that adversely impacts the strata community’s budget and compliance with their legal obligations. 5. Contracts The strata community, must at all times, retain a fully signed copy of all agreements and contracts that they are a party. Further, they should keep track of when the contract ends, so that they could appropriately consider their financial and contractual obligations in the coming financial years. We have chosen 5 crucial documents that should be retained. However, we note that there are further documents that should be included in the list. We are interested in what you think should be included to this list. We want to hear from you, so please comment on our podcast in the relevant section. Strata enthusiasts, keep in mind to – continue upgrading yourself.

We all love to improve our residence or real estate investment. However, one of the worst nightmares of a homeowner is if your property has water leak issues. You either will see the progressive resultant damage or you will see the potential loss of your income, if you hear your tenant threatening to end their rental agreement, should the issue not be resolved within a reasonable period of time. In either situation, as a home owner, all you want to do is resolve the issue as soon as practicable. Strata enthusiasts, in this episode we will share with you 5 ways to resolve a water leak issue. 1. Determine where the water leak is coming from Unless you are a building expert, you should probably not make your own assessment of where the water leak is coming from. Engage a building consultant to prepare a report for you. The report details the source of the water leak including the damage caused and will be caused in the future if the water leak issue is not rectified. 2. Determine if the water leak runs only on private property or includes common property It is important that you hire the right building consultant expert who could determine if the water leak runs only through private property or if it includes common property. This is important because it will help guide you on how to effectively approach your strata community to help you resolve the issue. If the water leak only runs through private property, you could request your strata community to enforce the bylaws or rules. On the other hand, if the water leak runs through the common property, you could require the strata community to stop the water leak and rectify the damage caused to your property. 3. Seek expert advice to temporarily stop the leak Whilst you are communicating with the different parties (whether it is another lot owner or the strata community) you should seek expert advice on how to mitigate or prevent further damage from occurring to your property, by temporarily stopping the leak. 4. List the damages caused to your property and obtain a rectification quote After getting an expert advice on where the leak is coming from, make a list of the damages caused by the water leak to your property so that you could inform the relevant parties what should be rectified after the leak is stopped including the rectification costs. 5. Be open to negotiate The worst position that you could find yourself in, is if you spend your time arguing with the other parties on who should rectify the leak. Be open to negotiate a resolution to your leak issue. Of course, we do not encourage that you accept any offer made. You should accept a reasonable offer. When you reject an offer, you should reply with a reason why their offer is rejected and provide an offer that you will likely accept. These are the 5 ways to resolve a water leak issue. Having a water leak issue is not a walk in the park. That said, strata enthusiasts, if you follow these steps, you will be better equipped in dealing with the issue. Until next time strata enthusiasts, remember – continue upgrading yourself.

A strata community leader is either the chairperson or president who is elected at an annual or special general meeting. A chairperson or president of the strata community is either delegated all the ordinary decision making entitlement or powers or they are delegated to lead the committee. Many wants to lead a strata community, but the truth is, not everyone has the traits to effectively lead a strata community. Being an effective leader is not just about how much you know or if you are the most liked strata community member. Being an effective leader is about having the required skills to be the captain of your ship called – strata community. 1. Being diplomaticBy being a diplomatic strata community leader, you are able to diffuse any situation with utmost tact and fairness. From time to time, a strata community leader will face challenges to protect their members’ interest in the development. By being a diplomatic leader, it will not appear that you have any favourites or have any loyalty to a particular person. That way, you could demonstrate that the decisions you make on behalf of the strata community is governed by being diplomatic, which could change in approach. 2. Have vision and take actionA leader may have so many ideas to improve the value of their real estate investment, but taking action to put that vision alive is only carried out by few leaders. Being an effective leader, particularly in your strata community is coupled with vision – then action.3. Have brevity and clarityThis means having an ability to communicate with concise and exact words and clear message. I know a number of people who love hearing their own voice. They could go on and on and on with their speech. Unfortunately, they do not realise that their message is not understood by person or persons that they are talking to, but they have just used too many words. Do not waste time. If you want to be an effective leader, particularly in your strata community, have brevity and clarity in your communication with your strata community. That way, you not only take the captainship of your strata community, the message gets across to the appropriate person or persons, so that the message is actioned.4. Take accountabilityAccording to rightattitudes.com – a true leader does not pass and blame for failure but graciously accepts responsibility for the problems inherited. It may be possible as the new and incoming chairperson or president of your strata community, you may have inherited a number or significant issues. Rather than passing the blame of the inherited concerns in the strata community, as an effective leader, take charge and embrace the challenge as the new leader.5. Have the ability to control your emotionsI do not mean – not have any emotion, but be able to control yourself because, after all, you are an effective strata community leader. When times are stressful, and there will be times like that, because not everything runs perfectly, as an effectively leader, you should be the last person to react with dramatic emotions (for example, walking out of a meeting or discussion). You should be a level headed calm individual, who will not explode or lose cool in difficult situations. As an effective strata community leader, you should learn to regulate, not suppress your emotion – according to healthline.com With these 5 traits of an effective strata community leader, I am certain that your real estate investment will not only be preserved but increase in value. Also, you will enjoy being more involved with your strata community by being its effective leader. There are many more other traits of an effective strata community leader. I am interested in your views on what other traits you see that should be added to expand this list.

5 techniques on how to hold a productive committee meetingOf all the meetings that your strata community holds, it is the committee meetings that you will hold the most. This is because committees make the decisions on daily operations of your strata community. So, it is important to know effective techniques on how to hold your committee meetings. Here we go.. 1. Set an agendaIt’s not only crucial but also a compliance requirement for your committee to set an agenda before calling the meeting. The agenda will allow the other committee members notice to prepare for the items to be discussed at the meeting. It will also allow them to research about the agenda items so as to achieve a robust discussion and informed decision making of the committee.2. Invite the right people in the committee meetingObviously, all committee members should be invited to the meeting. I don’t mean that. I mean, the committee should determine if they should be inviting experts to the meeting so that they could be better guided on crucial matters, prior to making a vote.3. Prior to calling the meeting, seek the other members’ views, if they are available for the meeting or if they intend to appoint a proxy.The worst thing in a meeting, is if most of the committee members cannot attend. Enquire with the committee members if they could make the scheduled meeting so that it could be determined if another time and date should be set or if proxy appointment is appropriate.4. Determine the appropriate platform for the meeting (depending on the agenda items and attendees)There are different platforms (like face to face, video conference, phone conference, ballot).Your committee should carefully consider which platform best suits your next meeting, which should also depend on the agenda items. Ofcourse, should you also consider if your committee members could access that platform on the set date and time of the meeting.5. At the meeting, set a table for list of actionsThe purpose of your committee meeting, is to make decisions. Ofcourse, you expect that, that particular committee meeting will not be the last meeting that your committee will hold. To make sure that there is a follow through, your committee should create a table for list of actions, so that at the next committee meeting, your committee tracks which agenda item is complete, ongoing or requires further assessment and determination. CONCLUSION Strata enthusiasts, with these 5 techniques that I have shared on how to hold a productive committee meeting, I have no doubt that your committee will be very accomplished, which ultimately helps protect and increase the value of your real estate investment. Strata enthusiasts, I will speak to you in our next episode. I will keep encouraging you to - continue upgrading yourself! This is Rochelle Castro, speak to you soon in Strata Life podcast!

5 responsibilities of your strata community (You probably wonder the purpose of your strata community aside from collect money from you. Well, in exchange of the monies collected from you are the benefits of services and value that you receive from your strata community. These benefits and services come from the responsibilities that your strata community has to take care of your common property so that the value of your real estate property is protected. Here are the 5 responsibilities of your strata community 1. They are responsible to repair and maintain your common property. (Examples of these are your common lobby or driveway, the exterior of your building, if that is common property or if you live in an apartment, your common pool or gym for example).2. They are responsible to protect your security and safety when you, your family or guests are using the common property. (Your strata community must make sure that all those entitled to use the common property is safe and secure. They take reasonable measures to make sure you and your loved ones safety are safe and secure.3. They must obtain the reinstatement and replacement building insurance of the common property and your private dwelling (where applicable). (One of the main benefits of living in a strata community is that you enjoy bulk purchase of reinstatement and replacement building insurance which covers you should unfortunate accidents occur to your property and the common property).4. Your strata community is responsible to enforce the rules against persons whose misbehaviour affect your enjoyment and use of your property AND the common property. (Aside from referring to external resources like the police, fire brigade and other external resources, you could also revert to your strata community to enforce the rules so that the persons hinder your enjoyment of your property and the common property could be compelled to stop).5. Finally, your strata community is responsible to make sure that your property value is maintained or increases. Your strata community achieves this by making sure they continuously maintain and improve the common property including the exterior face of our property. One model behaviour of the strata community is continuously assessing and measuring (through its members, your co-owners) how it could maintain and increase the value of your real estate investment. There you have it – 5 responsibilities of your strata community I hope that you now have a better understanding of your strata community’s responsibilities and how it helps you better enjoy your real estate investment.CONCLUSION Strata enthusiasts, I will speak to you in our next podcast. If you like what you hear, please reach out to us and let us know which episode has caused you to further appreciate living in a strata community Remember - continue upgrading yourself! I am Rochelle Castro, I will speak to you soon in Strata Life podcast!

Welcome to Strata Life by Rochelle Castro The place where you should go to learn and get inspired on all matters strataIn this episode I will cover... 5 collection methods so that your strata community’s cashflow is healthy1. Send a letter of demand 7 or 14 days after the levies are due (do not wait for a final notice to be sent. You could also send another letter after the final notice is issued).2. Charge penalty interest (punishment to those who pay on time, reward to those who pay on time).3. Arrange a reasonable payment plan (reasonable is the keyword, so that the debt eventually catches up to their debt).4. Inform your strata community in AGMs of consequences to their finances if members do not pay on time.5. Pass a resolution that authorizes the strata community to automatically issue legal proceedings if a member fails to pay on time or enter into a payment plan.CONCLUSION Strata enthusiasts, I hope that this episode has given you the bird’s eye view on how to …5 collection methods so that your strata community’s cashflow is healthy Strata enthusiasts, I will speak to you in our next episode. Life is the C between the B and the D. Life is about choices, making choices. Remember, continue upgrading yourself! This is Rochelle Castro speak to you soon on the Strata Life podcast!

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