The day of registration of a new Strata Plan also marks the creation of a new Owners Corporation. The Original Owner of the Scheme (usually the builder or developer) is obligated to do certain things under the Legislation to ensure compliance and to facilitate the smooth transition of the new Owners in the Scheme into “strata living”. It is normal to engage the services of a Strata Managing Agent to perform these duties.
The Agent will furnish the various documents required to enable settlement of the sales and provide a realistic initial Budget which will be invaluable for the selling agents when dealing with prospective purchasers.
Once sufficient properties are sold the Agent will call the First Annual General Meeting where the following matters will be discussed and resolved:
- By Laws
- Managing Agent Appointment
- Election of Executive Committee
- Budgets and Levies
Quite often the people purchasing into a new Strata Scheme will have had no previous involvement and will find the whole process daunting and a caring and experienced Strata Managing Agent will ensure the transition is smooth and stress free.