| Term | Meaning |
| Owners Corporation | The legal entity of which every owner is a member. |
| Strata Committee | Persons elected annually to conduct the day-to-day business of the Owners Corporation. |
| Common Property | Everything is a building that is not lot property. For example - external walls and floors, windows, lifts, hallways, foyers, common gardens, pools etc. |
| Lot property |
The apartment. The cubic airspace bound by the external walls, floor and ceiling of an apartment, or as indicated on a strata plan. |
| Strata Plan |
Registered with Land Registry Services, the Strata Plan depicts the lots and common property. |
| By-laws |
Binding rules each residents and their guests must abide when on the 'parcel' |
| Parcel |
The building including any external areas such as gardens. |
| Unit of Entitlement |
A value assigned to each owner which demonstrates their 'share' in the building which is calculated on the value of the lot at the time the strata plan was registered.
Used to calculate levies payable and voting rights in certain circumstances. |
| Levies |
Financial contribution payable by each owner for the upkeep, management and future capital works for the building. |
| Strata Manager |
An agent engaged by the owners corporation to undertake its statutory obligations. |
| Administrative fund |
A fund established and administered by the owners corporation (usually by a strata manager on their behalf) to pay for reoccurring and day to day expenses including insurance, repairs and maintenance, utilities and essential services. |
| Capital Works Fund |
A fund established and administered by the owners corporation (usually by a strata manager on their behalf) to pay for works of a capital nature such as repainting the building or replacing garage doors. |
| Initial period |
Commences at registration of a strata plan and ends when one third of the units of entitlement have settled. |
| Original Owner |
The developer. |
| Strata Information Certificate |
A certificate supplied under s184 of the SSMA providing essential information on the scheme to potential purchasers. |
| Strata/Building Management Statement |
A document, where, if there is more than one stratum lot on a parcel, determines the share of costs and rules under which the entities operate. |
| Building Management Committee |
A committee established under a Strata Management Statement to administer the SMS. |
| Utility Lot |
A lot that is not an apartment, such as a car space or storage unit. |