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What is Strata?

2 Sep 2016 Cannington 0 Comment

strata-buildingWhat is Strata?

A common question with regard to property is: what is strata? Strata title is actually an Australian innovation in property law that has been copied around the globe.

Strata title allows individual ownership of part of a property (called a lot’ and generally an apartment or townhouse), combined with shared ownership in the remainder (called ‘Common Property’ e.g. foyers, driveways, gardens) through a legal entity called the owners corporation — or body corporate, strata company or community association, depending on your state or territory of residence and the type of scheme.

Is your Strata Company looking after your best interests when dealing with the common areas of your complex?

Appearance is everything when trying to advertise or lease out your property and also to set a good example for tenants, does your strata company organise a regular gardener to attend to all common area lawns and gardens, do the gutters, eaves require painting.

Then there’s building insurance to consider….is your excess $1,000 or $100,  if the fence blows down is it covered under strata insurance or does the strata company advise it’s an owner cost.

Security, could the security of the complex be upgraded?

These are all items to consider at the general strata meetings and before you purchase a strata property.

Discuss with the other owners in the complex, is the strata manager the right company to be maintaining the complex?

 

Source: Strata Community Australia

Author: Emma Simmonds – Business Development Manager

 

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