Strata & Conveyancing Glossary

Money used for day-to-day scheme expenses, such as cleaning, insurance and management. In some states it is called an administration fund.

Buyer check: Compare the operating budget with actual spending and unpaid levies.

The total of the unit entitlements allocated to all lots in a scheme.

Buyer check: Check your lot's share and the rules for allocating levies and votes.

The owners' yearly meeting, commonly covering budgets, levies, insurance and committee elections.

Buyer check: Read several years of minutes, not just the latest meeting.

A hazardous material found in some older building products. Risk depends on its condition and whether it is disturbed.

Buyer check: Ask for any asbestos register, survey and proposed remediation costs.

A name used in jurisdictions such as Queensland for the legal body managing a community titles scheme.

Buyer check: Confirm the state-specific terminology and which scheme or subsidiary body the records cover.

Faults in design, materials or construction, ranging from minor finishes to serious structural or waterproofing problems.

Buyer check: Look for independent reports, repair scope, funding and evidence of completion.

Insurance arranged for the scheme's building and relevant common risks; it is not necessarily cover for your contents or every item inside a lot.

Buyer check: Check insured value, exclusions, excesses, claims and cover for your own responsibilities.

A body coordinating shared facilities across multiple buildings or ownership groups under an applicable management arrangement.

Buyer check: Read the agreement for shared costs and responsibilities outside the owners corporation.

Scheme rules about matters such as common property, pets, parking and renovations; validity and enforcement depend on state law.

Buyer check: Read the registered rules and check approvals relevant to how you intend to use the property.

Money reserved for longer-term repairs and replacement of common assets. Other jurisdictions may use sinking fund or maintenance fund.

Buyer check: Compare cash available with the forecast works, rather than relying on the balance alone.

A forecast of longer-term maintenance, replacement costs and funding needs; required periods and terminology vary by state.

Buyer check: Check the plan's age, assumptions and whether levies actually follow it.

The official record of title identifying the land and registered interests, generally maintained electronically.

Buyer check: Have your conveyancer check ownership, registered burdens and the correct lot.

External building covering. Some products or installations create fire risks and may require assessment or remediation.

Buyer check: Ask for assessment reports, notices, funding arrangements and insurance implications.

Parts of a scheme owned or managed collectively rather than as individual lots; the plan and applicable law determine boundaries.

Buyer check: Check who must repair balconies, windows, pipes and other disputed areas.

A form of ownership combining individual lots with shared land or facilities under a community scheme.

Buyer check: Check all applicable association levies and rules, not only the building's own records.

The agreement setting out the property, price and terms of the purchase, including attached documents and special conditions.

Buyer check: Have a conveyancer review the complete contract before signing or exchange.

A qualified professional who handles the legal transfer of property; licensing and permitted work vary by jurisdiction.

Buyer check: Choose someone authorised in the property's state and clarify the scope and fees.

A limited right to withdraw from certain residential purchases, often subject to conditions and a financial deduction; rules vary by state and sale method.

Buyer check: Confirm whether it applies, the exact deadline, any waiver and the withdrawal cost.

An arrangement removing or shortening a cooling-off right where the applicable law permits it.

Buyer check: Do not assume you can withdraw later; obtain advice before signing any waiver or certificate.

Security under an applicable building-defect scheme that may help fund eligible defects. NSW has a strata building bond regime; it does not cover every building or defect.

Buyer check: Confirm eligibility, deadlines, inspection stage and whether any security remains available.

An upfront part-payment of the price under the purchase contract; its amount, timing and treatment depend on the agreement and law.

Buyer check: Check the amount, who holds it and whether special conditions permit early release.

Third-party costs paid during conveyancing, such as searches, certificates and registration fees.

Buyer check: Ask which costs are included in the quote and which are additional.

Release of deposit money to the seller before settlement rather than continuing to hold it as security.

Buyer check: Ask your conveyancer about recovery risk, statutory requirements and removing an unnecessary release clause.

A legal right to use land for a specified purpose, such as access or services, which may benefit or burden the property.

Buyer check: Check its location, terms and effect on use or proposed works.

A registered interest or burden affecting title, such as a mortgage, easement or restrictive covenant.

Buyer check: Confirm what will be discharged at settlement and what remains on title.

The step making the sale binding through the applicable signing or exchange process; practice differs between jurisdictions.

Buyer check: Confirm when you become bound and when contractual deadlines start.

A right for a particular owner or occupier to use an area of common property, under a valid by-law or other permitted arrangement.

Buyer check: Check the documented right, maintenance obligations and whether it transfers with the lot.

An owners' meeting held outside the usual AGM to decide matters such as urgent works or a special levy.

Buyer check: Read notices, resolutions and voting outcomes for major decisions.

A contract term making the purchase subject to finance approval on specified terms by a deadline, if included and valid.

Buyer check: Check notice requirements and deadlines; a loan application alone does not create a right to withdraw.

Measures, systems and obligations intended to protect people from fire; certification requirements vary with location and building type.

Buyer check: Ask for current inspections, outstanding orders and the cost of required upgrades.

A meeting of scheme owners at which decisions are made under the relevant legislation and voting rules.

Buyer check: Check quorum, notices and the type of resolution required for important decisions.

The amount payable on an insurance claim before the insurer pays the covered balance.

Buyer check: Check large excesses, repeated claims and who pays the excess for a particular loss.

A settlement adjustment passing an agreed portion of a seller's land tax to the buyer where permitted; restrictions vary by state and transaction.

Buyer check: Ask whether the clause is lawful, applicable and negotiable, and request the estimated amount.

Unpaid contributions owed to a scheme, potentially including interest and recovery costs under applicable rules.

Buyer check: Check your lot's position, scheme-wide arrears and the effect on cash flow.

The legal limits of an individual lot as determined by the registered plan and relevant law.

Buyer check: Do not infer ownership or repair responsibility from the physical appearance of a wall or balcony.

A fund used in some jurisdictions, including Victorian arrangements, for planned maintenance of common property and assets.

Buyer check: Check whether a plan and fund are required for this scheme and whether contributions meet forecast costs.

The recorded decisions and proceedings of a committee or owners' meeting.

Buyer check: Trace recurring problems across years and distinguish a discussion from an approved resolution.

The NSW Civil and Administrative Tribunal, which hears certain strata and other disputes in New South Wales.

Buyer check: Check the case, orders, appeal status and costs; a dispute allegation is not a finding of liability.

A certificate used in jurisdictions such as NSW authorising occupation or use of a building under the relevant planning rules.

Buyer check: Check the local equivalent and approved use; a certificate is not a guarantee that no defects exist.

The legal body of owners responsible for managing a strata scheme in jurisdictions using this name, including NSW and Victoria.

Buyer check: Confirm its responsibilities and read the scheme's accounts, rules and records.

An inspection before completion to check the property's condition and agreed inclusions.

Buyer check: Compare with the contract and promptly notify your conveyancer of damage, missing items or unresolved concerns.

A vote cast by someone authorised to represent an owner at a meeting, subject to applicable limits and requirements.

Buyer check: Check validity and concentration of proxies when reviewing important decisions.

Permission needed for certain works from the scheme and, where applicable, planning or building authorities.

Buyer check: Ask for written approvals and check conditions, common-property changes and ongoing maintenance obligations.

An estimate of the cost to rebuild insured property, distinct from its market sale value.

Buyer check: Check valuation date, rebuilding assumptions and whether insurance reflects current costs.

Setting aside or terminating a contract under an available legal or contractual right; the consequences depend on the basis used.

Buyer check: Obtain advice before issuing notice, especially about deadlines and deposit consequences.

A legal restriction on how land may be used or developed, commonly recorded on title.

Buyer check: Have your conveyancer explain restrictions affecting alterations or intended use.

A NSW strata information certificate covering prescribed financial and other scheme details for a lot.

Buyer check: Read a current certificate alongside broader records; it is not a substitute for a strata inspection.

The Victorian vendor statement containing prescribed disclosures provided before a purchaser signs a contract.

Buyer check: Have your conveyancer review it with the contract and check attachments and any missing disclosures.

Completion of the purchase through payment and transfer of title, with associated contractual obligations.

Buyer check: Confirm funds, adjustments, discharge of mortgages, possession and any outstanding conditions.

Apportionments of agreed property outgoings between buyer and seller on completion, subject to contract and law.

Buyer check: Request the calculation for rates, levies and any permitted tax adjustment before settlement.

Assets such as driveways, lifts or recreational areas shared between schemes or other owners.

Buyer check: Identify all cost-sharing agreements and any additional charges.

A name used in some jurisdictions for money reserved for longer-term building repairs and replacements.

Buyer check: Compare the forecast works with available funds and expected future contributions.

Additional contract clauses that may alter standard terms or allocate particular risks to the buyer or seller.

Buyer check: Review exclusions, penalties, releases and notice requirements with your conveyancer.

An additional contribution approved under the scheme's rules, often to fund works or expenses not covered by regular levies.

Buyer check: Check the resolution, payment dates, your lot's share and who bears it under the sale contract.

A decision requiring a particular voting threshold under applicable legislation, rather than an ordinary majority.

Buyer check: Check your state's threshold, how votes are counted and whether the resolution was validly passed.

A person or entity holding money, such as a deposit, under the contract pending the conditions for release.

Buyer check: Confirm who holds the deposit and when it can be released.

A building-work warranty imposed by law where applicable, with jurisdiction-specific coverage and time limits.

Buyer check: Seek advice on eligibility, responsible parties and deadlines; do not assume every defect remains covered.

An elected group handling certain scheme decisions and administration; powers and terminology vary by state.

Buyer check: Read committee minutes and check delegated authority and conflicts of interest.

An owner's contribution towards approved scheme expenses, usually collected periodically.

Buyer check: Check regular levies, planned increases, arrears and additional special levies.

A document used in relevant arrangements, including certain NSW mixed-use developments, to govern shared facilities and cost allocation.

Buyer check: Read responsibilities and costs that may sit outside ordinary strata levies.

An appointed professional carrying out functions delegated by the owners' body under a management agreement.

Buyer check: Review fees, delegated powers, contract term, insurance commissions and disclosed conflicts.

The registered plan identifying lots and common property in a strata scheme.

Buyer check: Confirm the apartment, parking and storage being sold match the registered lots or documented rights.

A report from inspecting available scheme records, often covering accounts, levies, minutes, insurance and known issues; scope and quality vary.

Buyer check: Check the inspection date, source documents and omissions; it is not a physical building inspection.

A professional assessing structural performance and, where engaged, designing or advising on structural repairs.

Buyer check: Request the actual report, limitations, recommended works and follow-up evidence.

A state or territory tax on relevant property transfers, often called stamp duty, with transaction-specific rates and concessions.

Buyer check: Use the relevant revenue office's calculator and check your eligibility for concessions.

A dispute heard by a tribunal under its jurisdiction; the forum and available remedies vary by state.

Buyer check: Distinguish an application from a final order and review potential costs and unresolved obligations.

A value or share allocated to a lot that can influence contributions and voting; allocation methods and names vary by jurisdiction.

Buyer check: Check the registered schedule and any applicable exceptions to ordinary cost allocation.

Delivery of the property at completion without occupants or possessions that prevent the buyer taking possession, as required by the contract.

Buyer check: Check tenancy arrangements and whether the contract promises vacant possession or a continuing lease.

Information and documents the seller must provide under applicable law; required material varies by jurisdiction.

Buyer check: Have your conveyancer check completeness and remedies for missing or inaccurate information.

Systems preventing water entering areas such as roofs, balconies, bathrooms and basements.

Buyer check: Look for recurring leaks, investigation reports, repair warranties and funding rather than cosmetic fixes alone.