STRATA TITLE SETTLEMENTS
The changes to zoning in various councils has resulted in the development of high-density living spaces, such as villas, units, townhouses and apartment blocks. When a large parent title is subdivided to create many smaller lots, a Strata Title is created. A strata titled property is different to a freehold lot. When you buy a freehold lot (also known as a green title lot) you have total control of the land and the building, on the other hand, when you buy a strata title lot you are bound by the rules and regulations set out by the Council of Owners (or those set out in the Strata Titles Act) which may limit the control you have over your property. For example, any changes you wish to make to your property may need approval from the Council of Owners.
If you are looking at buying a Strata Title property, Mosaic Settlements is well-versed with such settlements and we are ready to help you.
STRATA CONVEYANCING SERVICES AND LEGALITIES
The complication with Strata Title settlements is that there are various legalities involved, with multiple entities such as the strata company, owner’s corporation, community association or body corporate. Before you buy, you should ask the real estate agent for a copy of the Pre-Contractual Disclosure Statement. This is information the seller must provide to the buyer disclosing important details such as:
- A copy of the scheme plan marked with location of the lot with defined boundaries
- Contributions/levies payable by the owner for that lot
- Details of any exclusive use by-laws that apply to the lot
Our strata conveyancing team use specific skills in dealing with Strata Titles. We have systems in place that best aid our clients, whether they are purchasing a lot within a small triplex complex or a large scale high rise building.
THE ADVANTAGES OF BUYING A STRATA PROPERTY
Shared common areas include places like gardens, pools, gyms, roofs, driveways, lifts and such. Because you share these areas, the upkeep costs are shared too. This can create a friendly feel to the building, resulting in community engagement.
Each owner of a Strata Title will be a part of the owner’s corporation and the executive committee will make decisions for all of you. Larger schemes may use a professional strata management company to assist.
FIRST-CLASS STRATA CONVEYANCING SERVICES
When you are looking for help with the selling or buying of a Strata Title property, the Mosaic Settlements team is ready to liaise with you. Our expert team will ensure you receive the information you need to make an informed sale or purchase. If you have any Strata Title questions for our settlement team, then please get in touch.
