Strata is a word which means apartments on different stories and therefore, this is the term used in the ownership titles and the person who owns the multiple apartments is called the strata. This title first came in to introduction in 1961 in Australia which was designed to help distinguish the apartment owners and to legally own the apartments. These strata introduced many benefits to the legal system and therefore it was adopted by many countries in the future such as Canada, Indonesia, New Zealand, Malaysia and many others.
Not necessarily the properties in the strata needs to be apartment but these could be individual properties, garages, any and all kinds of storerooms as well as common properties which are of common uses such as gardens, parks, roofs etc.
What are the regulations involved in the strata?
Just as the owner of any property, the strata property owner is also responsible for the maintenance, upkeep and all kinds of repairs of the place as well. Not only this but the owner is also subjected to taxation, the Property Act of Strata and responsibilities pertaining to the administration and corporation. The Strata management could provide you with the services of the maintenance and upkeep of the properties but the owner has to provide a monthly fee to them. Although it is not an easy process to buy a strata property and many rules and regulations need to be followed in this.
Are there any rules for the owners after the purchase as well?
The Sydney strata company could establish rules for the owners and the renters as well and this could be different in different countries. All the owner and the renters have to abide by these rules. These rules could include the quite hours, forbidden of pets, ban on use of drugs or smoking or even could stop the covering of the windows.
Rights of the strata owner?
Although being the strata owner you are given rights by the council for many things such as voting in the various meetings. The strata owner could also demand for the records and could call meetings by himself and could even add various points in the agenda of the meeting and many other such rights.
The strata properties purchase has become popular because it is considered as an affordable way to get your own property than the traditional housing schemes but the procedure could be complex and therefore, you need to understand all the points of these before you decide to get in. It is recommended to seek help from an expert in this case so that he could better guide you about the strata.