When it comes to purchasing a strata-titled property, an essential document you need to understand is the owners corporation agreement.

The owners corporation agreement is a legal document that outlines the rights and responsibilities of unit owners and the owners corporation. It acts as the by-laws for the building, and every owner in the strata scheme must comply with it.

The agreement covers a range of topics, including:

– The management of common property, such as hallways, lifts, gardens, and car parks.

– The collection and distribution of funds for the maintenance and repair of the building.

– Policies on the use of the building, including noise restrictions and the keeping of pets.

– Procedures for resolving disputes between owners and the owners corporation.

– Rules around the selling and leasing of units.

It`s crucial to review the owners corporation agreement before purchasing a strata-titled property to ensure that you are aware of the rules and restrictions that come with it. You should also seek legal advice to make sure you fully understand the document and its implications.

Once you become an owner in the strata scheme, it`s essential to follow the agreement`s guidelines to avoid potential legal actions or fines. Even small breaches, such as not disposing of rubbish correctly or exceeding noise restrictions, can lead to disputes with other owners and the owners corporation.

If you feel that any aspect of the owners corporation agreement is unreasonable or unfair, you can propose a change to the by-law. However, this process can be challenging and requires the support of other unit owners and the owners corporation.

In summary, the owners corporation agreement is a critical document for anyone who owns or plans to purchase a strata-titled property. It outlines the rules and responsibilities of the owners and the owners corporation and must be adhered to at all times. If you have any questions or concerns about the agreement, seek legal advice from an experienced strata lawyer.