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Adjudicator  

Strata Schemes Adjudicator appointed under the Strata Schemes Management Act 1996.

Covenant chargee

A person who holds an agreement over a property which imposes certain obligations or restrictions.

Fixture/fitting

See building insurance on Page 15 for examples.

Levy

An amount of money, set by the owners corporation according to unit entitlements, which has to be paid by the owners to the owners corporation. It is for the general running of the scheme and includes payments for such things as maintenance and upkeep of common property and services.

Large strata scheme

A scheme comprising of more than 100 lots, not including parking or utility lots.

Lot

Includes a unit, town house, parcel, garage that you have a right of ownership over. It is made up of cubic air space and is generally formed by the inner surface of the boundary walls, the under surface of the ceiling and the upper surface of the floor.

Mortgagee

A person or company who lent money to a person to buy a property. The property is mortgaged to the mortgagee in case the person who borrowed the money does not repay it.

Occupier/resident

People who live in the property. They may be tenants, children, relatives, husband, wife, defacto, licensee or any other person who lawfully lives in the property.

Owner

A person(s) or company that buys a lot and whose name is shown on the Register at Land and Property Information NSW.

Simple interest

Interest payable only on the principal amount of the debt.

Special resolution

A resolution passed at a general meeting of the owners corporation against which no more than one-quarter of votes (calculated by unit entitlement) is cast.

Unanimous resolution

A resolution passed at a general meeting of the owners corporation against which no vote is cast.

Tribunal

Consumer, Trader and Tenancy Tribunal.

Unit entitlement

Set out in the Schedule of Unit Entitlement and based on the comparative value of each lot at the time the strata plan is registered. It is used to calculate each owner’s contributions for levies.

Utility lot

A lot designed primarily for storage or accommodation of boats, motor vehicles or goods and not for human occupation as a residence, office, shop or the like.

 

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