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THE RULES OF CONDUCT OF A STRATA CORPORATION
Author:
CondoGenie
Publication date:
Article Summary:
The article explains the key responsibilities of a strata corporation in managing a strata property. It lists the most common duties of a strata corporation, which include controlling and looking after the common property, insuring the buildings, keeping the common property held in trust for the unit owners, and maintaining a dedicated bank account for the strata's funds. The article also highlights that a strata corporation cannot undertake business for profit by using the maintenance funds provided by the unit owners and its main goal is to manage any issues and problems arising in the strata scheme.
Keywords:
Strata corporation, duties, managing, property, responsibilities, common property, governing body, issues, problems, nuisances, insured buildings, replacement cost, premiums,
Source Citation:
CondoGenie
THE RULES OF CONDUCT OF A STRATA CORPORATION
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