Have you recently purchased or thinking of buying into strata and want answers to the most frequently asked questions?
Strata title schemes offer community style living, coupled with a lower level of upkeep and shared cost in living, which makes strata titles schemes an attractive option.
Strata title allows people to purchase affordable housing with traditionally lower purchase price and shared maintenance cost. However, it is important to remember that it is a shared property and cooperation amongst other owners is needed, along with understanding the strata by-laws and financial commitments to ensure enjoyable community living.
What is a title?
Strata title is a model of property ownership in Australia that allows individuals to buy ownership in a larger property or building. As an owner of a ‘lot’ within a ‘Strata Complex’, you own your lot as well as a share in the ‘common property’.
There are different types of strata. Each have many different rights, rules, obligations, documents and processes attached to them. Every scheme has its own set of by-laws to regulate the conduct of owners and occupiers of lots and to govern the scheme.
Lot owners automatically become members of the ‘Strata Company’ which manages the scheme and pay levies towards the administration and upkeep of the property.
Strata Title properties can be:
- Commercial Offices
- Factory Units
- Retirement Villages
- Caravan Parks
When you buy into a Strata Scheme you own your lot, plus a share in common property as described in your certificate of title.
There are two types of Strata Schemes permitted under the Act. You will own a lot in one of the following two:
- Strata (sometimes referred to as built strata) refers to an existing building or buildings on a freehold lot that have been subdivided into two or more strata lots. An example could be an apartment.
- Survey-strata is the subdivision of a freehold lot into smaller lots with surveyed boundaries. No buildings are shown on a survey-strata plan, it often looks similar to lots on deposited plans for non-strata freehold titles. Survey-strata properties may or may not have common property. An example could be stand-alone chalets.
The boundaries of your lot are shown on your strata plan and they vary between schemes.
here is a snapshot into strata
Exclusive Strata Management’s experienced strata managers can provide a variety of professional services as requested to ensure that the daily operations of your strata property run as smoothly as possible, contact us