strata prop­erty

The Advertiser - Real Estate - - Open House -

WHEN buy­ing a prop­erty in a unit devel­op­ment, the land may be di­vided by a strata plan and re­ferred to as a strata ti­tle.

Own­ing a strata ti­tle means you have in­di­vid­ual own­er­ship of an apart­ment or unit within a block or multi-unit com­plex. When you buy a prop­erty within a strata plan, you buy into a com­mu­nity life­style with shared re­spon­si­bil­i­ties and li­a­bil­i­ties.

Within the unit or apart­ment com­plex, there are com­mon ar­eas of joint own­er­ship. A body cor­po­rate ad­min­is­ters and main­tains these com­mon ar­eas on be­half of all unit hold­ers and ar­ranges main­te­nance, or­gan­ises meet­ings and over­sees the day-to-day fi­nan­cial af­fairs of the unit block.

All unit own­ers are au­to­mat­i­cally mem­bers of the cor­po­ra­tion and have to con­trib­ute funds to the run­ning of the cor­po­ra­tion.

When pur­chas­ing a strata prop­erty, make sure you un­der­stand the op­er­a­tions and fi- nances of the body cor­po­rate be­fore sign­ing the con­tract.

This in­for­ma­tion should be given to you when you ex­press your in­ter­est as a buyer. Own­ing a unit or apart­ment will also al­low you to have a say in things af­fect­ing the cor­po­ra­tion, with one unit usu­ally equalling one vote.

Own­ing a strata ti­tle also means there are re­stric­tions on do­ing ren­o­va­tions to your prop­erty. Unit own­ers must have per­mis­sion from the cor­po­ra­tion be­fore they go ahead with ren­o­va­tions, es­pe­cially if it af­fects the ex­ter­nal ap­pear­ance of the prop­erty.

Most de­ci­sions are made by a ma­jor­ity vote from all the unit hold­ers.

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