What your strata fees should cover? in Victor Harbor, South Australia
Property Maintenance
The manager, with the committee’s approval, obtains quotes from contractors such as builders, gardeners, cleaners and others in relation to the common property’s upkeep. They are the first to be contacted if the strata building requires urgent repairs
Keeping Custody of and Updating Records
This means maintaining and keeping an up-to-date strata record
Copies of all correspondence sent or received by the corporation;
Notices of strata committee meetings;
The minutes of each strata meeting along with the motions passed and agendas discussed;
Voting papers related to motions for the passing of resolutions or election of the strata committee;
Proxies that are delivered to the strata council. In this case, the 7 year begins when a proxy expires;
The signed agreement between the owner’s corporation and the strata manager; and
Records that the strata manager hands over to the owner’s corporation.
Financial Management and Taxation
Just like any property owner, a strata scheme is responsible for such things as the property’s building (not contents) insurance, payment of utility bills affecting common property, and carrying out regular repairs and maintenance. To cover the costs of these expenses, the owners’ corporation must come up with an administrative fund and a sinking fund to raise levies from the owners. While the administrative fund is used for day-to-day operational expenses, the sinking fund is required for future capital-related expenditure.
The strata manager prepares budgets and submits them to the owners’ corporation committee for necessary review and approval. He or she ensures that any monies the corporation owes and is owed are paid on time, including property owner’s levies. He or she will also monitor any invoices and make payments in a timely manner.
Administration and Setting Up of Meetings
The strata manager is responsible for corresponding with the owners on property maintenance issues, periodic levies, notice for meetings, and any other general information regarding the strata property. He or she handles any correspondence regarding the property itself such as queries raised by the tenant that is directed to the owner. He or she also handles any queries from potential property buyers.
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