AGM START-UPS

1st Annual General Meetings (AGM’s) for Developers of Residential Strata Properties should be held within 3 months of registration of the strata plan to ensure sales documentation provides information to purchasers

• Meet your obligations prior to sale. Ensure your settlements are ‘pain free’
   
• With our assistance your “first” general meeting can be simplified
   
• Ensure a budget is set for the first year of operation 

Creating a Budget for Financial Management of a Strata Complex

• The ability to identify annual maintenance items e.g. lift, electrical safety, pool
   
• All general maintenance items to be considered within the budget
   
• For future maintenance items you need to ensure an amount is set aside for upgrading and replacement (possible sinking fund/reserve levy)
   
• Adequate insurance importantly is in place and covers all risks including buildings, public liability and contractors & office holder’s insurance
   
• Consider registered by-laws and Management statements
   
• Prepare ‘Disclosure by Original Proprietor sales documentation Form 28’