Terminology

Click on the letters below to quickly find the term you're searching for:

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

A

Arbitration

Is a formal dispute resolution process in which two or more parties refer their dispute to an independent third person (the arbitrator) for determination. The decision of the arbitrator is enforceable in the same way as a court judgement.

Back to top

B

By-laws

The By-laws are a set of rules for Strata schemes that regulate a variety of matters. The Act allows the body corporate to either adopt standard by-laws, or to make rules that best suit individual circumstances.

Back to top

C

Conciliation

Is a process where parties in a dispute with the help of a neutral third party (the conciliator), identify the issues in dispute, develop opinions, consider other avenues and try and reach an agreement. The conciliators decisions are not binding as he or she has an advisory role.

Consumer, Trader & Tenancy Tribunal (CTTT)

The CTTT is a dispute resolution forum which resolves disputes between tenants, landlords, traders and consumer in a timely and effective manner.

Back to top

L

Levies

Strata levies are fees that can be divided into two forms. An administrative levy which includes things like minor repairs to common property, insurance, management expenses etc. The second levy is called the Sinking Fund which is used to fund major maintenance, the upgrade of a building and generally big jobs.

Back to top

M

Mediation

Is a confidential conference where all the participants attend to resolve the dispute between them. The negotiation is non-binding but it has a proven success rate.

Back to top

N

Negotiation

Negotiation is a procedure through which a solution to a problem is developed and through which disputes are managed.

Back to top

O

Owner's Corporation

It is the new name; it used to be called the "Body Corporate".

Back to top

S

Strata scheme

A strata scheme is a building or a collection of buildings where individuals own a portion but there is also common property which every owner shares such as external walls, windows, roofs etc.

Back to top

Our expert team can provide you with more information or assistance with a Strata management issue. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.