Many apartments and townhouses in NSW are subject to Strata Title.
Strata Title is a system of ownership of units and townhouses that will usually contain private residences and communal spaces.
When you buy property subject to Strata Title you usually buy a 'lot' that will include the main unit area and possibly a balcony, garage or some storage space. Some other parts of the property, for example reception area or foyer, stairways and parking are common property.
Strata Title means that when you buy the property you are also buying into the rights and obligations of being part of the owner's corporation.
When you are a member of an owner's corporation you can have your say on issues that affect the building that you hold property in. However, you will also be required to pay Strata Levies and there may be restrictions on the way you can use your property – the property may be subject to restrictive by-laws. Furthermore, you may be required to contribute payment to communal issues, for example plumbing or roof and window repair. You may be required to make these payments even if you are not directly affected by the issue that requires maintenance.
Contact Us
If you are thinking about buying a property under Strata Title, or for any other matters relating to property, contact Szabo & Associates Solicitors today. At Szabo & Associates Solicitors we can help advise on all aspects of buying and selling property. Call us on (02) 9281-5088 or fill in the contact form to the right of this page.