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Publish date: 30-09-2009 03:14:24 | Contact Name: Peter | 179 times displayed
In additional to the certificate supplied to the buyer by the seller providing relevant information about strata levies, insurances, a strata inspection reports on the written records of the owners corporation. Freehold title is commonly referred to as a "green title”. A freehold lot may be divided into "strata lots” or “survey strata lots”.
“Strata lot” is the building or portion of a building and often includes land surrounding the building.some older strata’s may have all land as common property (used privately or not). Survey-strata lot” simply divides the green title lot into strata lots. The survey-strata plan only shows the boundary of the strata lots in relation to the ‘parent’ lot, it does not show the buildings. There are many forms of strata property including duplexes,villas, townhouses and unit complexes. where a stand-alone home is built next to or behind another stand-alone home, can be strata titled, survey-strata or green titled.
Within a block of land upon which the strata complex has been constructed,there are areas that are not divided into individual ownership. For example driveways into the complex, gardens, visitor car parking bays,laundries or entertainment and recreational areas herb gardens. these areas are known as common property. A strata company, once knownas a body corporate, is responsible for enforcing the by-laws of a strata plan and for the management and maintenance of common property areas for the benefit of all owners within the strata complex. The strata company must keep records of all of its dealings- These records must be kept for a period of seven years.
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