Strata Title

 

What is Strata Title Plan?
A plan for Strata Title Scheme is prepared by a Registered Surveyor, under the Strata Title legislation, to designate areas or units for separate ownership within a building group of buildings. Generally the building's common property and parcel of land are jointly owned by all separate title holders. Strata Title Schemes have been adapted by Surveyors over the years to cover townhouses, retirement villages, shopping centres and industrial complexes, as well as homes and buildings. Originally the Act was intended only for multi-storey home unit buildings, thus being strata or layers of units one on top of the other. Now it is not necessary for Strata Schemes to have an overlapping Strata as found in multi-storey buildings, and a Community Scheme may be better suited for this purpose. You Surveyor can advise you on this.


Staged Strata Schemes

A Staged Strata Scheme is a method which developers use to construct parts of a strata scheme building by building in a prescribed orderly manner. The legislation sets out the documents required to be lodged with the Strata Plan with which your Surveyor can assist and advise you.


The Body Corporate

The Body Corporate consists of every unit holder and is registered as the proprietor of all common property. The elected committee of the Body Corporate holds monthly meetings and records minutes. It administers all obligations and responsibilities imposed by the Strata Titles Act, including the setting of levies, insurance, maintenance and so on.


Unit Entitlement

Each strata holder has a share in the Strata Scheme which usually reflects the value of each unit. This is called the Unit Entitlement, is fixed at the proportion shown on the Strata Plan and is used to calculate the levies and expenses paid by each unit owner.


Strata Title Managers

Some Surveyors are Registered Strata Title Managers. This means that the obligations and duties required under the Act can be administered by these managers for a reasonable fee. Such appointment of a manager relieves the owners of the tasks which they are legally bound to carry out.


Existing Unit Buildings

It may be possible to convert an existing building of multiple units into a Strata Title Scheme. Existing flat buildings, commercial centres or factory complexes, which may have varying forms of ownership such as company title or one owner, may be converted to Strata Title if the Local Council deems it acceptable.


Obtaining your Strata Title

Having satisfied the Local Council that all conditions of approval, such as provisions of car parking areas, building compliance, fire safety etc., have been completed it is necessary to lodge the Strata Plan with the Land Titles Office. From this office separate Strata Titles will be issued. Your Strata Title Scheme has then been created. Your Surveyor is the best and most experienced professional to help you determine whether or not it is possible to create a Strata Title Scheme over any property.


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