What does strata title mean in Victoria?
Strata title is individual ownership of a unit or apartment within a multi-unit complex. All apartment owners are joint owners of the common property (common areas shared by all the unit owners).
What is the difference between strata and strata title?
Common property areas in a strata plan can consist of areas like shared driveways, elevators, stairways, lobbies, landscapes and gardens. On the other hand, community titles are usually divided by land allotments referred to as lots rather than units.
How do strata titles work?
Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. Strata Title Schemes are composed of individual lots and common property. Lots are either apartments, garages or storerooms and each is shown on the title as being owned by a Lot Owner.
Do you own the land in a strata?
Generally, as a strata owner, you own the air space within the boundaries of your lot, while the owners’ corporation owns and controls the fabric of the building and the land under and around it. Common property is all of the areas of the land and building that aren’t included in any lot.
What does strata stand for?
STRATA
| Acronym | Definition |
|---|---|
| STRATA | Simulator Training Research Advanced Testbed for Aviation |
| STRATA | Short-Term Roadwatch and Target Acquisition (CIA surveillance operation in North Vietnam, 1964-1975) |
What is the purpose of Australia’s strata title system?
Define: Strata or strata title in Australia is a model of property ownership that allows for individual ownership of certain parts of a property or parcel of land and shared ownership of others.
What are the disadvantages of strata title?
Disadvantages of Strata Property High Strata Fees, more common in developments with many amenities or older buildings that require more maintenance and repairs. Disagreements with other Owners, which may require dispute resolution.
Are all units strata title?
What is strata title? When you purchase an apartment, townhouse or unit, you’ll generally be purchasing a part of a strata title. While you’re responsible for the upkeep of your own lot, your strata title means you and all the other lot owners are also responsible for the maintenance and upkeep of the common areas.
Can I refuse to pay strata?
Short answer: No! An owner’s obligation to pay strata levies is independent of any other matter between the owner and the body corporate. Therefore, if an owner refuses to pay his/her/its strata levies – the owner will become non-financial, and incur interest at 30% (or such lesser rate set by the body corporate).
What is the difference between company title and strata title in Victoria?
These forms of title are less common than strata title in Victoria. Under company title, a property does not have a plan of subdivision but comprises a number of units. A company title corporation, established under the Corporations Act 2001, is the registered proprietor of the entire property (land and buildings).
What is a strata?
The ‘strata’ part of the term refers to apartments being on different levels, or “strata”. Strata title was first introduced in 1961 in the state of New South Wales, Australia, to better cope with the legal ownership of apartment blocks.
What is the difference between company title and stratum title?
Company title and stratum title do not involve an owners corporation (formerly body corporate) and so are not regulated by the Owners Corporations Act 2006. These forms of title are less common than strata title in Victoria. Under company title, a property does not have a plan of subdivision but comprises a number of units.
What is a stratum title unit?
Stratum title pre-dates modern strata title subdivisions. Under stratum title, the property is subdivided into lots. Each unit owner is the registered proprietor of their lot and also holds shares in a service company established under the Corporations Act 2001. The service company owns and manages common property.