The strata Act Brought A Beneficial Change In Favor of Australian Property Owners
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Written by: andrewbimbo
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Date: Fri, 12 Mar 2010 |
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Have you bought a property of your own? If you did you are sure to have received a document entitling you as the owner of the property. For eg. if you bought an apartment in a building, you have a title deed for that apartment and you also have all the right to live in the property, lease it out or sell the property. The property belongs to you only and you can do as you wish. But this was not the situation prior to 1961 in Australia. Then, if an Australian purchased a property, he did not get a title deed for the property, which means, he had not right to lease it or sell it. A change was very much desired by the Australians who were very much disturbed with the prevailing situation. The Government had to do something regarding this. And that was when the Strata Act was introduced. According to this Act which was introduced in 1961, anybody who buys a property receives a title deed for the property.
A building has different apartments which are privately owned by the buyers and some common properties. This is known as a Strata Scheme. These apartments in different levels are known as Strata. The owner of the property gets a Strata Title which is a title deed for the strata he owns and it is the ultimate proof of ownership. This title enables the owner to lease, sell or mortgage his property. It is this title that enables an owner to become a member of the Owners Corporation, which is a body made by the owners. This means he has the right to use the common property of the building, but no owner can make any alteration or renovation in the common property without the permission of this Owners Corporation.
Naturally when many families live together in a building, a lot of issues will crop up. The common property has to maintained and certain rules and regulations laid down. So a Body Corporate is formed to deal with all these common issues and thje common property area of the building will be managed by a person appointed as Body Corporate Manager.
About the Author
The Strata Agency is focused on providing sound administrative, secretarial and maintenance services to strata title properties with a special focus on creating a peaceful and harmonious environment for owners and occupants to reside.
Source: The strata Act Brought A Beneficial Change In Favor of Australian Property Owners
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