A strata title property is one that is jointly owned by a group of people, with each owner having a share in the overall ownership of the property. The most common type of strata title property is an apartment block, but they can also include office buildings, retail complexes and industrial estates.
A leading strata management company says under a strata title, each owner has their own lot (which may be an individual unit or area within the complex) and an undivided share in the common property. The common property includes areas such as hallways, foyers, lifts, gardens and car parks. It is generally managed by a strata company, which is elected by the owners at the annual general meeting.
The main advantages of owning a strata titled property are that it provides security of tenure and the ability to sell or lease your lot without having to gain the consent of the other owners. It also gives you a say in how the common property is managed and maintained.
The main disadvantages of owning a strata titled property are that you may have to pay levies to cover the costs of maintaining the common property, and you may be subject to rules and regulations set by the strata company.
Buying A Strata Title Property
When you buy a strata title property in Australia, you become a member of the owners corporation. The owners corporation is responsible for the common property, which includes areas like lobbies, driveways, gardens and swimming pools. You’ll need to pay levies to the owners corporation, which go towards maintaining and repairing the common property.
if you’re thinking of buying a strata title property, there are a few things you should keep in mind. First, you’ll need to budget for levies. Second, you should be aware of your rights and responsibilities as an owner. And finally, it’s a good idea to get advice from a solicitor or conveyancer before you sign any contracts.
Levies
As a member of the owners corporation, you’ll need to pay levies. Levies are used to cover the costs of maintaining and repairing the common property. The amount you’ll need to pay will depend on the size of the property and the number of people living in it.
Rights and Responsibilities
As an owner of a strata title property, you have certain rights and responsibilities. For example, you have the right to use the common property, but you also have responsibility for making sure that it’s kept in good condition. You should familiarise yourself with your rights and responsibilities before you buy a strata title property.
Getting Advice
Buying a strata title property is a big decision, so it’s important to get advice from a solicitor or conveyancer. They can help you understand the contract and make sure that you’re getting a fair deal.
If you’re thinking of buying a strata title property, these are a few things you should keep in mind. Levies, rights and responsibilities, and getting advice from a professional are all important considerations. With some careful planning, you can be sure that buying a strata title property is the right decision for you. This article provides general information only. It is not legal advice, and you should always consult a solicitor or conveyancer for specific advice about your situation.
