FAQs
What is strata title?
Strata title is a model of property ownership that allows for individual ownership of part of a property or a parcel of land, with shared ownership of others parts of the property.
Strata schemes divide a property into ‘lots’ that are individually owned. All of the lot owners are also part-owners of the “common” property – this includes things like roofs, driveways and exterior walls.
When you buy into a strata scheme, you:
- Automatically become the owner of a lot within that strata scheme
- Automatically become a member of the owners corporation, which manages the strata scheme
- Must pay levies towards the administration and upkeep of the common property of your strata scheme.
The main categories of strata title are residential, commercial, industrial and mixed use strata.
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August 2022 correct at time of publication.