Get Sp Form 3.07 Strata Plan Administration Sheet... - Lpi Nsw Gov

Unit entitlement is determined by a registered valuer and is based upon the value of each unit in a strata scheme at the time the strata plan is registered.

The 10-year plan needs to include: A list of all items of common property and personal property of the strata company, which the strata company anticipates will require maintenance, repair, renewal or replacement over the next 10 years, and include the estimated costs of the covered items.

When a new apartment block is almost complete, a surveyor will draw up a strata plan marking out the boundaries of lots and common property by referring to the building's walls, floors and ceilings. This plan is then registered on the Torrens land register, and the legal title to the individual apartments is born.

"aggregate unit entitlement" of lots in a strata scheme means the sum of the unit entitlements of the lots.

What is covered by building insurance? Storm damage, in particular hail damage to tile and colourbond roofs. Damage caused by leaking or burst pipes within common walls – infrastructure such as wiring and service pipes found in common area spaces are typically considered common property.

If an order is successfully sought from the NSW Civil and Administrative Tribunal the applicant can record the changes to the schedule of unit entitlement on the Register by lodgement of an Order affecting a strata scheme attaching evidence of the order.

It's always best to check with the strata manager or the owners corporation for the specific strata fees for a particular property. Strata complexes in NSW with facilities have average strata fees of between 0.8% and 1.2% of a property's value. Those without many facilities will charge between 0.3% and 0.7%.