Strata Management Agreement in WA: Everything You Need to Know
If you are a property owner in Western Australia, chances are you have heard the term “strata” before. Strata refers to multi-unit developments, such as apartments, townhouses, and commercial buildings, where each unit owner owns a portion of the property and shares common areas with other owners. Strata management is the process of managing these properties, and a strata management agreement is a legal document that outlines the rights and responsibilities of the property owner and the strata management company.
In Western Australia, strata management agreements are governed by the Strata Titles Act 1985. This legislation sets out the framework for strata management, including the rights and responsibilities of the owners, the strata company, and the strata managers. The purpose of a strata management agreement is to ensure that all parties are working towards the same goal, which is the effective management of the property.
What is Included in a Strata Management Agreement?
A strata management agreement in WA typically includes the following:
1. The Roles of the Parties Involved
The agreement will clearly outline the roles of the strata company, the strata managers, and the property owners. It will specify who is responsible for what tasks such as managing common areas, collecting levies, and maintenance work.
2. Management Fees
The management fees are the charges for the services provided by the strata management company. The agreement will specify the fees that the property owner will need to pay and when they need to be paid.
3. Maintenance and Repairs
The strata management agreement will set out the responsibilities for maintenance and repairs. This will include who is responsible for repairs to the common areas, such as the roof, pool, and lifts, and who is responsible for maintenance of the individual units.
The agreement will specify the type of insurance required for the property and the roles and responsibilities of the parties involved in managing the insurance.
The agreement will set out the rules and regulations for the strata company, including guidelines on meetings, voting procedures, and quorum.
Why is a Strata Management Agreement Important?
A strata management agreement is essential as it establishes clear guidelines for the management of the property. This ensures that all parties are aware of their roles and responsibilities, and it helps to prevent misunderstandings and disputes.
Additionally, a strata management agreement ensures that the property operates smoothly, that any maintenance issues are promptly addressed and that the property is adequately insured.
If you are a property owner in Western Australia, it`s crucial to have a robust strata management agreement in place. This agreement outlines the rules and guidelines for the effective management of the property, and it ensures that all parties are aware of their responsibilities. Ensure that your strata management agreement is comprehensive to avoid misunderstandings and disputes.