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TEYS strata management

What is strata?

Strata’ is a term which describes subdividing land and buildings into individually owned pieces and common property. The concept emerged in Australia in the 1960’s and has become a popular form of home ownership. Unit owners have the freedom of owning their own apartment and share common property and facilities, for example swimming pools, barbeque areas, and tennis courts.

The strata concept also applies to many other forms of property including retail shops, office buildings, industrial parks and retirement villages.

With freedom come responsibilities. Unit owners automatically become part of the owners corporation (or councils or body corporate as it is known in some states). This body looks after the common property, which is everything that does not form part of a lot and is owned by the owners corporation (all the owners collectively). All owners contribute to the costs of the common property by paying levies. The elected representatives of owners on this body are called the executive committee or committee (depending on different state legislation).

TEYS Strata manage bodies corporate throughout Australia.