A strata title allows you to own part of a property.
A strata title allows you to own part of a property. It may be an apartment or townhouse which also includes common property. Common property being driveways, gardens, foyers and the like.
The strata title governed by various legal entities.
For example, owners corporation, body corporate, strata company, or community association. It will be dependent on your state or territory of residence.
Any property that adjoins in some way will have a strata title.
They share common areas such as roofs, lifts, gardens, driveways, and the like. Common areas maintained by all unit owners collectively. Expenses incurred shared to maintain common areas.
Living on shared property can offer a friendly community-style environment.
It is very different from when you live in a freestanding house. You will find some activities more limited. Parking your car or simple renovations may be very restrictive.
The owners in the strata scheme make up the owners corporation.
There will also be an executive committee that makes certain decisions on its behalf. A larger strata schemes may appoint a professional strata management firm. They will assist and oversee the functions of the owners corporation.
In most cases, you will own the inside of the unit/apartment but not the main structure of the building. Known as airspace, this includes the internal walls, floor coverings, and fixtures.
The owners corporation will administer funds for daily operational expenses. As well as long-term future expenses.
One of the benefits of owning a strata property is that you will pay lower council rates than a house owner.
By-laws are rules that everyone who lives in a strata scheme must follow. Including lot owners and tenants. By-laws cover issues like safety and security measures. They may include appearance of units, garbage disposal, cars and parking, and pets.
The appearance of the property will tell you if the property is well maintained as a whole.
It is a good idea before you buy a strata property, to review the accounts and records of the owners corporation. Ask about the maintenance of the building. Look for signs that may need you to spend your money sooner.
You can get ask your conveyancer to prepare the report on your behalf.
You should refer to the:
• Strata Titles Act 1985 (the Act) as amended; and
• Strata Titles General Regulations 1996 (STGR) as amended, for details.
• Landgate www.landgate.wa.gov.au
Supreme Settlements (settlement agent, conveyancer, settlement) is well conversed in strata-titled settlements. Call us today for advice.