As an owner within a strata scheme, not only do you own your lot, but you also have shared ownership of common property with the other owners in your strata scheme in accordance with your unit entitlement.
Under the Act, strata schemes have rules applied to owners in respect of their property which are set out in the scheme by-laws. Each owner has rights and responsibilities that will be exercised in partnership with other owners.
The rights and responsibilities of lease holders are outlined within their lease agreement and in the scheme’s by-laws.
All strata properties registered as Strata Titles at Landgate are subject to the Strata Titles Act 1985
Landgate is delivering major reforms to strata. The proposed changes will resolve problems for people in strata and introduce new forms of land development to drive economic growth and support the Government’s delivery of affordable housing and METRONET station precincts.
The way strata is used and developed has changed since the Stata Titles Act 1985 was enacted.
- Strata managers will be more regulated and accountable and by-laws more easily enforced. Owners will have more say in how their scheme is managed and improved, including retrofitting their properties with solar panels or disability access.
- Buyers will receive better information about the strata lots they are buying.
- The State Administrative Tribunal (SAT) will be the one-stop shop for strata disputes.
- New safeguards for owners will require a transparent termination process to be followed
- A lot in a leasehold scheme may be bought, sold and mortgaged just like a freehold scheme, however the scheme and all lots within it exist until the expiry day.
- Leasehold schemes will be useful for providing affordable housing and developing freehold land on strategic sites that the government wishes to retain control of in the long term.
- Community schemes will allow multiple sub-schemes with different uses (residential, retail and commercial) to exist under an umbrella community scheme.
For most people, choosing to make changes to your property is a big decision as it affects your home or livelihood. For a home owner, it’s about making your home into a home sweet home. For a business owner, it’s about your livelihood and setting your business up for success. For a developer, it’s about the ability to create new opportunities where people can come to fashion a new home or business. No matter who you are, understanding your investment and the proposed changes to the Act will ensure you can make informed decisions.
If you want to know more, Supreme Settlements will be pleased to answer your questions.