STRATA - IS IT FOR YOU?

I have many people say to me, "I don’t want Strata!"

Once I have asked a few more questions I have found many people are unsure about the different types of Strata Schemes.

There are two types of Strata Schemes-

1. Strata Scheme or Strata Plan or commonly known as Building Strata. This is the original form of strata. This has been described to me as the you own everything from the internal space of the building from the paint outwards. Since 1985, part of the lot could be outside the building and may also include the building structure as the laws were changed.

2. Survey-Strata Scheme these lots look much the same as non-strata freehold titles. The boundaries of a survey-strata lot are surveyed by a licensed land surveyor and are shown on the survey-strata plan. Basically, this means you own the building and a parcel of land.

When you are buying a strata unit as with the purchase any property the rule of “Buyer beware” applies.  By law, before you sign a contract there are certain documents that need to be provided to the buyer;

A Form 28 Disclosure statement

A Form 29 Buying and Selling a Strata Titled Lot.

A Copy of the Title, strata/survey-strata plan

It would also be my suggestion that if the property has strata management that you ask to see the last Annual General Minutes this will provide information on maintenance issues and the financial situation of the strata.

For more information on Strata Titles please follow the link to Landgate- A guide to Strata Titles-

https://www0.landgate.wa.gov.au/docvault.nsf/web/PS_STPM/$file/1129-Guide-to-Strata-Titles-online.pdf