Property ownership is the aim of every human being for better social security and children’s insured future. Apart from insuring you and your children’s future, there are some other advantages which make the strata management the real asset for every human being. The security of tenure, choice of location and dwelling, freedom of renovations, modifications and extensions according to personal choice and budget.
Money investment in property is very secure and wise option nowadays by looking at the sudden increments regarding property. Here we are discussing some vital terms and their user friendly meanings for better understanding of strata management property.
Buying a Strata-titled Property
The real estate property includes a unit, villa, duplex, triplex, apartment and even a townhouse in its titled ownership. The meaning of the strata title is allotment of a land which is bounded by the walls and ceiling of the apartment and the other property are called common property, which is taken in the percentage of every owners use. The strata ownership is another format of “freehold”, which provides unlimited use of the land.
People prefer more strata management property due to its easy owner transfer facilities, fair and reasonable rules and regulations for maintaining common property by every owner. The ownership of a specific unit in title is including under its plan for better and easier applications. According to the plan the land is occupied by building boundaries the unit and subsidiaries, which must be deposited in the State Government’s Lands Titles Office.
There are various schemes available for common property of strata community titles. Outside walls and the roof are parts of the common property. In the single storey strata management scheme, a prescribed portion of vacant land, outside wall and the roof of each unit are included. Each unit group has a common property title issued in the corporation name. The management corporation holds the common property with trust for its members. The common property can be shared as carports, garages, porches, balconies, yards, meeting place, function place or garden, and these are cannot be use for any other purpose.
Rules of Conduct
Here we are discussing the strata management corporation articles which are going to be implemented after the government’s approval.
The basic functionalities of the corporation are:
· Administer the common property
· Keep the common property in trust hold for every unit owner
· Insures all buildings for their replacement cost and pays premiums
· Create bank account fund by unit member for unit maintenance.
· Don’t assume strata community plans on profit basis.
Freehold estate is the most desired one due to its advantage of owner’s exclusive right to use of the property. But this facility comes under complications at that time when your right affect other subsequent owner. Like maintaining the sewerage or water connection are coming under part of the land.
Leasehold estate is the second popular strata management scheme. Under this scheme one person can lease a property from the Government or any freehold estate owner, where the use of the property depends on the terms and conditions of the lease agreement.