Exclusive use
An exclusive use area is an area of the common strata property that is only used by owners and residents. Exclusive use areas are usually outlined in the property by-laws and building rules.
Extraordinary/special general meeting
An extraordinary general meeting (AGM) is different from an annual general meeting. A committee holds these meetings to discuss things affecting all owners and residents.
Facilities/building manager
A facilities manager is sometimes referred to as a building manager and can be appointed by the developer, strata manager, owners corporation, or body corporate. They are responsible for coordinating and overseeing the maintenance and safety of a building or common property. Check out this article for more information.
Levies
Levies are also called strata fees. They are monies paid by owners to cover the cost of running a strata property. Levies are usually paid quarterly and depend on the lot entitlement.
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Lot
A lot is a part of land, buildings, and airspace on a plan of subdivision. It is separately owned and sold, e.g. an apartment or townhouse. Lots are parts of a building that are not common property, such as car spaces, storage bays, and storerooms.
Lot entitlement
A lot entitlement refers to an owner’s share of common property which determines their voting rights and share of expenses each lot owner is required to pay.
Lot liability
Lot liability is the proportion of owners corporation expenses an owner must pay.
Meeting minutes
Meeting minutes are the documented record of meetings of the owners corporation, committee, and any sub-committees showing the discussion had and decisions made.
Lot entitlement
A lot entitlement refers to an owner’s share of common property which determines their voting rights and share of expenses each lot owner is required to pay.
