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WHAT YOU NEED TO KNOW ABOUT STRATA TITLES:“The concept of a Strata Title in relation to property law, first originated in Australia… and is now commonly used throughout the world!” A Strata Title generally refers to the ownership of a UNIT, HIGHRISE APARTMENT or TOWNHOUSE. It allows the property title holder to share ownership and responsibility of the common areas including foyers, driveways, external walls, roofs, pools and gardens.
THE BODY CORPORATE:All Strata Title holders are part of the Body Corporate, which is the governing body that oversees maintenance and management of common, shared areas. Depending on which state you live in… Body Corporates can also be referred to as Owners Corporations, Strata Companies or Community Associations.
STRATA TITLES ARE USED IN ALL TYPES OF DEVELOPMENTS:– Residential– Commercial– Retail– Mixed Use – retail and or commercial and or residential– Serviced Apartments– Retirement Villages– Caravan Parks– Resorts
WHAT RIGHTS DO LOT OWNERS HAVE?As a Strata Title owner or ’Lot Owner’, you have the right to vote at Body Corporate meetings. You can vote on a number of key issues, including choosing a Body Corporate management team, which consists of a Secretary, Treasurer and Committee. You can also vote to settle disputes with fellow Strata Title holders.Your full rights will be spelt out in your purchase documentation which you should take the time to read.
BODY CORPORATE FEES:Strata owners are levied by the Body Corporate to cover a variety of expenses which include the following:– Council Charges– Building Insurance– Cleaning– General Maintenance– Utilities – Power and Water– Gardening– Painting– Plumbing– Carpets– Renovations
STRATA REPORTS:A strata report provides details of the collective aspects of your prospective property purchase. It will include information on levies, by-laws and lot entitlements along with details of funds held for short and long term maintenance, plus minutes of meetings – which might shed light on future costs.It is important you familiarise yourself with the report before committing to any purchase, to avoid costly surprises later on.
MORE INFORMATION:If you’d like to know more about Strata Tiles, our friendly well-informed staff at Holland Searches will be happy to answer your questions. Call us on 0481 258 182, to arrange a no obligation consultation.