As Associated Property Management 's commitment to client services, I wish to relay some "tips" with respect to strata ownership, and some of the foundational truths about strata ownership. Whether in a bare land or conventional strata the legal definition of a strata lot applies.
Strata lot ownership is 'having title to real property combining fee simple interest or leasehold interest in a strata lot, with an undivided interest in the common property and common assets of a strata corporation with other owners as tenants in common. The term 'strata lot' does not refer to any particular type of structure, but is a legal arrangement in the form of ownership. Strata lot may be apartments, townhomes, retail, commercial and industrial units or parking stalls.
The boundaries of your strata lot are shown on the strata plan and consists of the area within your unit from the mid way point of the common walls inwards. In addition, the strata plan may have allocated you the exclusive use of some defined common property such as a patio, balcony, locker space or parking stall. This is referred to as limited common property. If not defined on the strata plan, parking stalls, lockers and other areas can be assigned to a specific strata lot by the Council. Common property is all areas within the strata plan, which are not included within any strata lot.
The term "unit entitlement" indicates the proportionate share that each owner has in the common property, facilities and assets of the Strata Corporation. This is the basis for the calculation of each owner's contribution to the operating fund and the contingency reserve fund of the Strata Corporation, which are referred to as strata fees. The unit entitlement for each strata lot is shown on the registered strata plan, which may differ from the Disclosure Statement.
All Strata Corporations are governed by the Strata Property Act which includes the bylaws which govern their affairs. These bylaws are contained within the Standard Bylaws of the Strata Property Act and any amendments to these will be included in your Disclosure Statement. All bylaws can be further amended at the owners' discretion. Bylaws provide for the control, management, maintenance, use and enjoyment of the strata lots, common property and common assets of the strata corporation. Rules provide for the use, safety and condition of the common property and common assets of the strata corporation and can be established by the Council.
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