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Strata title
From Wikipedia, the free encyclopedia
Strata Title is a form of ownership devised for multi-level apartment blocks, which have apartments at different levels or "strata".
Strata title was first introduced in 1961 in the state of New South Wales, Australia to better cope with apartment blocks. Previously, the only adequate method of dividing ownership was company title, which suffered from a number of defects such as the difficulty of instituting mortgages.
Other countries have now adopted the Australian system of apartment ownership including Canada, Singapore, Indonesia, Malaysia, Fiji and the Philippines. With many others creating their own flavour of this legislation.
Strata Title Schemes comprise of both lots and common property. Lots are either apartments, garages or storerooms etc and shown on title as being owned by the Lot Owners. Common Property is defined as everything else on the parcel as from time to time is not comprised in any lot, such as common stairwells, driveways, roofs and gardens etc.
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