Strata title refers to a legal concept that allows for the ownership of individual units within a multi-level building or development, such as apartments, townhouses, or commercial buildings. It provides a means to divide a property into separate parts, where each unit is privately owned while the common areas are shared among all owners.
Under a strata title arrangement, each owner is granted legal ownership of their individual unit, which includes the internal space and any improvements within it, such as fixtures, fittings, or renovations. At the same time, they also hold a shared interest in the common property, which typically includes common areas such as hallways, staircases, gardens, car parks, and other amenities.
The ownership and management of the strata title property are governed by a set of bylaws and regulations known as the strata scheme. These rules are established by the owners or their representatives, who form a body called the owner's corporation or body corporate, responsible for maintaining common areas, enforcing rules, and managing finances.
Strata title ownership offers several advantages, such as the ability to individually sell, lease or mortgage a unit, as well as the convenience of shared maintenance and amenities. However, it also entails certain responsibilities, including the payment of strata fees to cover maintenance costs and living in accordance with the established bylaws to ensure harmonious communal living.
Overall, strata title is a legal framework that facilitates the division and ownership of individual units within a larger property, allowing for both private ownership and shared responsibility among unit owners.
