Peter Sawell, Jessie Middleton and Emily Goodreid of Netstrata attended the Institute of Strata Title Managements (ISTM) Continuing Professional Development Course in Chatswood today.
The course provided a greater insight into the world of Strata Management Statements & Building Management Committees: the documents and bodies governing part strata schemes. The course was presented by ISTM guru Richard Holloway and as always was very informative and entertaining.
Peter said “the seminar was a great opportunity to share experiences with other managers in the industry…. and as a result I have come away with some extra ideas to share with my team to help manage these schemes more effectively”
This type of titling is becoming more and more popular in NSW and is best described as a vertical form of subdivision, for example where there is a building with shops down the bottom and apartments on top, both the shops and the apartments can be completely separate strata schemes running as any stand alone strata scheme would. Just with an extra management tier being the Building Management Committee a committee comprising a member from both the shop and apartment strata schemes.
It is the committee’s responsibility with the help of their strata manager to run and pay for the operation of the facilities which are shared between the two i.e. the basement car park (if there is one). The way these facilities are managed is set out within the Strata Management Statement registered with the schemes.