The layers of property ownership ultimate guide to Strata

What is a Strata?

Are you a property owner or looking to buy one? If so, you may have come across the term “strat-a” in your research. In this article, we will demystify the concept of strata and help you understand the layers of property ownership.

What is a Strata?

A strat-a is a group of individual owners that are part of a whole. The whole they create is a separate legal entity and should be looked at as an “individual”. Under this stra-ta arrangement, owners own their individual str-ata lots while together owning the common property and common assets as a strata corporation. Strata can include apartments, duplexes, vacation homes, townhomes, single houses on bare land str-ata…you name it. But what makes all these living arrangements a str-ata?

Define Strata

Its a layer or a series of layers of rock in the ground. In the context of property ownership, it is a group of individual owners that are part of a whole. The whole they create is a separate legal entity and should be looked at as an “individual”. Under this strata arrangement, owners own their individual strata lots while together owning the common property and common assets as a str-ata corporation.

What is the Strata Property Act?

The St-rata Property Act is a legislative document that governs. It covers important information about governance, records, contracts, meetings, voting, property, finances, bylaws, insurance and more. It dictates what should and should not be done and is a standard document that should refer to if there are no amendments made in your community’s own bylaws.

What are the Different Types of Property Ownership?

There are different types of property ownership, including freehold, and leasehold. Property is a type of community living where the building or land is divided amongst many owners. This gives you access to not only your individual unit but oftentimes, also common property like shared amenities and storage lockers. Freehold property is when you own the land and the building on it. Leasehold property is when you own the building but not the land it sits on

What are Strata Fees?

Stra-ta fees are the fees that owners pay to the strata corporation to cover the costs of maintaining the common property and common assets. These fees can vary depending on the size of the st-rata, the age of the building, and the amenities offered.

Conclusion

In conclusion, understanding the concept of st-rata is essential for anyone who owns or is looking to buy a property. A str-ata is a group of individual owners that are part of a whole. The whole they create is a separate legal entity and should be looked at as an “individual”. Under this str-ata arrangement, owners own their individual s-trata lots while together owning the common property and common assets as a str-ata corporation. The Str-ata Property Act is a legislative document that governs all strat-a. It covers important information about governance, records, contracts, meetings, voting, property, finances, bylaws, insurance and more. There are different types of property ownership, including str-ata, freehold, and leasehold. Strat-a fees are the fees that owners pay to the stra-ta corporation to cover the costs of maintaining the common property and common assets.

Source: https://blog.tribemgmt.com/what-is-a-stra

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