Strata Glossary: Common Terms You Should Know

Strata living has its own language. Whether you’re a new owner, tenant, or committee member, understanding key terms can make your life a lot easier.

Here’s a quick guide to some of the most common terms you’ll come across:

• Lot: Your individual property—apartment, townhouse, etc. You own it.
• Common Property: Shared spaces—driveways, stairwells, gardens, external walls. All owners share responsibility.
• Owners Corporation (OC): The collective group of all property owners in the scheme. The OC makes decisions about managing the common property.
• Strata Committee: A group elected by the OC to handle day-to-day management of the property.
• Strata Manager: A professional manager hired by the OC to run the property and handle administration, finances, maintenance, and compliance.
• By-Laws: Rules that apply to everyone in the building—things like noise, pets, parking, and renovations.
• Administrative Fund: The fund used for everyday costs—insurance, cleaning, maintenance.
• Capital Works Fund: The fund for long-term, major repairs and upgrades.
• Levy: A fee paid by owners to cover the strata’s expenses. Levies are set annually at the AGM.
• AGM (Annual General Meeting): A yearly meeting where owners vote on budgets, elect committee members, and discuss important issues.
• NCAT (NSW Civil and Administrative Tribunal): The body that resolves disputes when they can’t be sorted out within the strata.

Understanding these terms can make navigating strata living much easier—and helps you feel more confident as you get involved in managing your building.

If there’s a strata term or phrase you’re still not sure about, drop us a line. At Strata Revolution, we’re here to help make strata living simpler for everyone.

By Martin Rolon, Principal – Strata Revolution