Strata management

rdf:langString Strata management

rdf:langString Strata management, sometimes known as "body corporate management", is a specialist area of property management involving the day-to-day operation and management of a property that is jointly owned and comprises multiple units, common areas and common facilities. It is derived from an Australian concept of property law called strata title applied to the administration of common ownership in apartment buildings on multiple levels, or strata. Emerging markets in Dubai, Abu Dhabi, the Philippines and India have adopted the Australian system. It is one of the fastest growing forms of housing in the United States today, similar to common-interest development (CID), a category that includes planned unit developments of single-family homes, known as homeowner associations (HOAs), condominiums, and cooperative apartments. Federally-subsidized financing provided by two government-sponsored enterprises Fannie Mae and Freddie Mac via uniform financial instruments—mortgages that oblige the borrower to honour covenant restrictions of the collective-property regime with PUD or condo riders. Such provisions however are only enforceable where statutes recognise their validity. Common expense liabilities are often subordinated as junior liens in bankruptcy courts, with the bank retaining senior title. The successful management of such developments requires the establishment of a strata title system to provide a framework for ownership, and guidelines to manage developments with multiple users and owners. Many jurisdictions adopt the concept of jointly-owned property. Owners in these types of schemes automatically become members of an owners' or community association. These associations ultimately bear responsibility for the maintenance and management of common areas such as lobbies and corridors, and shared leisure facilities such as swimming pools and gyms. They are also responsible for running the administrative and financial aspects of the property. The strata manager's role is to work with the owners' corporation and executive committee to successfully control, manage, maintain and administer the property and to create an appropriate community environment and includes tasks such as: * General accounting * Budgeting * Invoicing of levies/service charges * Arrears collections * Financial reporting * Contract management * Meeting preparation * Communication with property stakeholders * Coordination of maintenance tasks * Enforcement of rules/by-laws * Issuance of notices, orders and certificates * General secretarial tasks