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What Is a Strata Committee? A Guide for NSW Strata Buyers
If you are buying an apartment, townhouse or villa in NSW, you will be buying into a strata scheme, and the strata committee is the small group of people who run it day to day. You will see it mentioned in the strata report, the meeting minutes and the contract, and once you settle its decisions will affect your levies, your building and sometimes your lifestyle.
A trust account is an obligation, not a profit centre
Operating a trust account, be it as a lawyer or a real estate agent, is fundamentally a fiduciary undertaking. That is, you are holding someone else’s money as trustee for them. It is not yours to deal with.
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