Are you are looking to purchase a home and you keep coming across strata-titled properties. But what is exactly make them different from non-strata management properties?
A strata-titled property is not owned by one individual, rather it has assets that preowned by a collection of lot owners. As a group, you are responsible for the shared assets. These may include communal open spaces, shared roofs, gardens and streets frontage. Typically, these properties are units, apartments or townhouses.
As an owner of a strata-titled property, you may be required to abide to certain duties and responsibilities. Some may include:
- Ensuring you park in your allocated parking bay
- No damage of common areas and property
- Observing noise regulations
To read more about scheme by-laws, click here.
Now you know what a strata-titled property is, let’s talk strata management and how it works.
Strata management, also known as owners corporation, is management and maintenance of all shared areas in a strata-titled property. It functions as a legal entity to act in the best interest of the multiple owners.
The legal structure of strata management allows for shared ownership of property. Its primary functions are to manage and administer the common property, organise repairs and maintenance for the common property and maintaining insurance for the properties on the strata title.
A strata manager is responsible for strata management activities. Including the responsibilities mentioned earlier, they manage all correspondence regarding the property, communication with owner and tenants.
If you have just bought, or are thinking of buying a Strata Title property and want to know more about what it means then this quick overview is for you. You can learn more about strata here: https://esmstrata.com.au/strata-title-for-beginners/ . Stay up to date with our information article here Resources – Exclusive Strata Management (esmstrata.com.au)
If you have questions, don’t hesitate to contact us at firstname.lastname@example.org or on 9362 1166.