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Strata management guide 1: concept of living - Coggle Diagram
Strata management guide 1: concept of living
Management Corporation Strata Title (MCST)
how it is constituted
when the strata title plan for the development is lodged with the Chief Surveyor and a strata title application is made to the Registrar of Titles, Singapore Land Authority (SLA).
Management Corporations
composes of
subsidiary proprietors (SPs)
a purchaser
to whom ownership of a unit has been transferred
BMSMA &BM(SM) Regulations
comply with prescribed by-laws, generally made in relation to safety and security measures, details of any common property of which use is restricted. should be appropriate for the strata scheme concerned. MC or SP or any other occupier is entitled to apply to court to enforce by-law or restrain the breach of by-law
Common Property
SPs cannot make changes to common property without MC's approval
identified in strata title plan
Areas used by 2 or more SPs are also considered as common property
certain structures and systems within the lot
that are also considered common property
Share value
the proportionate share
entitlement assigned to each unit in the same development
SPs' voting rights
A SPs share of the common property
Amount of the SP's payment to the MC for upkeep of the development's common properties
Building Maintenance and Strata Management Act (BMSMA)
To help strata development in the MC scheme to run effectively
The specific obligations of the MC are usually performed by the council of the MC or managing agents (MA) which it appoints . As required under the BMSMA, the MC will also perform its own obligations which are imposed by the Act and Regulations
Management
and Sinking Funds
All levies, contributions, and fees must be paid by the SP in proportion to the share value of his lot.
This contribution goes towards the maintenance of common property and related expenses
Management Fund
control daily operating costs, including those for common area water and energy, building and public liability insurance, and common area repairs and maintenance.
At a general meeting of the MC, the amount of the contribution to these two funds is determined or reviewed.
incurring interest due to late payments will affect SPs, thus they advised to make timely payments
Debt
Forced sale of the lot
Sinking fund
provide for long-term expenses like repainting the property, updating, or changing major equipments, routine maintenance.
