Strata Records Inspected - Thursday, 30/01/2020

Units

17-25 William Street is a part building strata scheme occupying a stratum parcel in DP1225287, Elysium. The complex consists of Lot 101 SP94354 (37 residential apartments & associated carparking) and Lot 100 (1 commercial suite & associated carparking).

Management of shared facilities for the complex is undertaken by a Building Management Committee (BMC) which includes representatives of the owners of each of the stratum parcels.

The BMC is not a separate legal entity but it does maintain its own accounts, minutes and records.

The BMC derives its authority from the terms of a registered Strata Management Statement (SMS), a copy of which you should have received with contract documents.

The Strata Management Statement (SMS) is a building specific agreement and it binds all owners and occupants within the complex, including the owners and occupiers of lots within any strata schemes. At its most basic the SMS will describe the management and cost sharing formula for obvious shared facilities such as insurance, water supply and fire safety procedures. It may, however, confer upon the BMC the power to make decisions with a direct impact on the day-to-day activities of building occupiers and we recommend its terms be clearly understood by any prospective lot owner. We enclose the SMS.

102 Pages

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