Published on March 5, 2014
Introduction to Part Building Strata Schemes – Stratum Parcels © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
What Is a Part Building Strata Scheme? • Separates different parts or ‘uses’ of the one building • Separate strata plans for retail shops and residential units • Strata management statement deals with shared facilities and common areas © Copyright 2013 Teys Lawyers Kingswilliam – 104 William Street, Five Dock www.teyslawyers.com.au
King Street Wharf Sydney (Complex) • • • • 9 towers Common basement Private and public uses Public roads above the basement • Staged development © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
Why Separate Schemes Within One Building? Isolate distinct costs eg higher commercial insurance premiums © Copyright 2013 Teys Lawyers Eliminate residential owners interference in commercial undertakings Reduce compliance costs for residential eg WHS www.teyslawyers.com.au
Different Terminology Strata management statement Common areas and shared facilities Stratum lot (ie air space lot) Stratum parcel (strata scheme of a strata lot) © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
Strata Management Statements Shared Facilities BMC Stratum Lot © Copyright 2013 Teys Lawyers Stratum Parcel • Registered on title • Binds future purchasers and mortgagees • Defines shared facilities and common property • Establishes a building management committee for managing common areas and facilities • Divides costs • Requires unanimity for amendment www.teyslawyers.com.au
Building Management Committee • One delegate from each component • Jurisdiction over common areas • Raises funds to cover shared facilities • Not a separate legal entity • Separate strata management © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
Shared Facilities Area services and equipment within one lot in the building in one stratum within the building shared by two or more of the component users © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
Dividing Costs of Shared Facilities © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
About the Presenter About the webinar presenter - Michael Teys is the Founder and Principal Lawyer of TEYS Lawyers. He has a Bachelor of Laws and practices exclusively in the area of strata title law. He is a Fellow of the Australian College of Community Association Lawyers. He was formerly an Adjunct Lecturer with Charles Sturt University. He appears weekly on SKY News Business Channel's Property Success with Margaret Lomas and is a regular panellist for the property edition of Your Money, Your Call for the same channel. You can read Michael’s blog at www.michaelteys.com and follow him on Twitter at @MichaelTeys.com Teys Lawyers practice nationally in strata title law representing owners corporations, bodies corporate and apartment owners. The firm’s practice groups include building defects, strata community disputes, strata titles property law, by-laws and levy collection. Subscribe for their free e-newsletter StrataSpace and find out more about them at www.teyslawyers.com.au © Copyright 2013 Teys Lawyers www.teyslawyers.com.au
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