- Just bought or thinking of buying a Strata Title property?
- Don’t know what Strata Title is all about?
- Want to learn what you could be in for?
Welcome to the first in a series of short blogs that will hopefully help you understand Strata Title
It’s a form of ownership that enables people to buy a “lot” within a “Strata Community”.
You own the lot as well as a share in the “common property”.
Strata Title properties can be:
- Commercial Offices
- Factory Units
- Retirement Villages
- Caravan Parks
And many others
If we look at a typical apartment complex in its simplest form you own the inside of your apartment and a share of the common property which can include:
- The swimming pool
- The gym
- The sauna
- The foyer
- The lift
- The actual building structure itself
- The basement car park
- The gardens
- The vehicle access gates
And much more
Anything inside the boundary of your lot is yours to maintain and upkeep.
The common property on the other hand is maintained by the “Strata Company” which consists of you and all of the other owners in the Strata Community.
Well it isn’t really let me try to explain
When you buy a strata lot you will be required pay a fee to your Strata Company commonly called a “levy” which is generally issued each quarter.
These levies are to raise funds to pay for things like:
- Building Insurance
- Maintenance and upkeep of the common property
- Electricity used for the common areas
- Rubbish Removal
And other Strata Company expenses
The value of the levy has to be agreed by the majority of the owners at a general meeting and is calculated based on your unit of entitlement as a proportion of the total unit of entitlement for the Strata Company.
As a Strata Title owner you will also be required to abide by the Strata Company by-laws and Strata Company rules which are in place to ensure every owner and occupant experiences peaceful enjoyment of their lot and the common property.
If you want to have a say in how the Strata Company is managed you should always attend the general meetings and if inclined become a Council member as they are delegated the authority to carry out the functions of the Strata Company.
Need to know what constitutes your lot and what constitutes the common property?
You will need a copy of the Strata Plan and maybe some help from an expert.
If you do need some help why not call and talk to one of our friendly staff on 08 93621166