How To Own A Strata Title In An Apartment Block
Those who are residents in apartment blocks of multiple levels can have strata title, which is a kind of property ownership of flats or apartments as well as joint owners of common living areas within the apartment premises. When we talk about strata title it is land that is subdivided in a vertical manner as well as land that includes parking lots and public areas. This kind of ownership is common in many countries where apartments and condominiums exist. It is also known as common hold ownership in many countries.
How strata titles came into being
The New South Wales was the first Australian state to introduce this kind of property ownership in the sixties. This law of ownership then spread to other Australian states. This property law is well defined in this country as compared to other places. The strata titles that are taken up are scrutinized from time to time by the government officials who attempt to understand the challenges that the condominium owners face when living in a communal living environment. When one is opting for an apartment purchase they should discuss about strata titles with the buyers agent.
Terms of strata titles
Those who are owners of strata titles usually finds the real estate that they own divided into lots as well as common areas. A lot would be a living unit that can be a condominium or an apartment whiles the land that is around the building and public spaces within the premises are designated as common areas. The common area would comprise of the parking garage, staircase, lobby, elevator and other areas. The details of the ownership agreement can be obtained from the buyers agent Melbourne, visit http://www.elitepropertyadvisory.com.au/.
Common area usage
The most problematic is the definition of usage and rights to the common areas of the occupants who are strata title holders. The common areas like the parking spaces, gardens and other facilities and their usage need to be defined clearly for all owners to understand and use them appropriately. Usually the condominium owners are able to use facilities like parking garage, lobby, elevator, staircase, communal cleaning services and other amenities offered by the builder.
Strata title administration
The titles that are offered with an apartment or any communal living facility are usually managed by a committee. The committee is usually comprised of administrators who ensure that the rights and titles are being implemented and no violations occur. New policies are formed and old ones removed, which are then communicated to the title bearers from time to time. Office bearers are usually asked to circulate the new policies and rules. The committees usually discuss disputes that arise and other issues with respect to strata titles of a communal living facility.