What is Strata Title?
A Strata Title or Strata Scheme is a system of ownership whereby a Deposited Plan is divided into numerous lots both vertically and horizontally under a Strata Plan. A Strata Plan is comprised of two types of property, Lot Property and Common Property. Lot Property is the area owned by an individual or corporation such as a unit or townhouse. Common Property refers to land owned by the Owners Corporation which represents the lot owners collectively. Each lot owner has the exclusive right to use and enjoy the Common Property but cannot exercise full property ownership over the Common Property as an individual lot owner. Common examples of Strata Title include apartments, units and townhouses.
What do I own?
The Strata Schemes Management Act NSW 1996 outlines what areas and parts of the Strata Plan are considered Lot and Common Property. Generally speaking, the internal walls of the unit or townhouse for example, are considered Lot Property. The external walls, land, electrical wiring, building facade, gardens, and drive ways are nearly always considered Common Property.
Purchasing from a Strata Plan?
At Access Property Conveyancing, we can offer you specialised advice and services for purchasing in a Strata Title. Our conveyancers, Rebecca Soper and Vanessa Faint are able to assist you with all your enquiries in relation to purchasing Strata Title.
Problems with Strata Management? Know your rights!
Strata Managers are elected by the lot owners to manage the Owners Corporation and Common Property. They are responsible for controlling the sinking fund (an account that each lot owner contributes to for the maintenance of Common Property) and organising meetings and maintenance of the Strata Plan. Strata Managers are entitled to collect a fee for their services, which are paid quarterly by lot owners.
Sometimes disputes can arise with Strata Managers and lot owners about how money is spent from the sinking fund or maintenance of the common property. When this occurs it’s important to know what your obligations are to the Strata Managers and what you are entitled. If you are having issues with your Strata Manager, our Dispute Resolution Group, headed by James Welch, an experienced litigator, can assist you with this. James is a knowledgeable solicitor and has been involved with strata disputes previously.