What is strata property act? 3 prime rules of strata
Strata are the legal ownership terms for people who own individual building lots in a multi-unit building. This is a type or property ownership given to every building owner in a multiplex, apartment, or strata-titled duplex.
Strata was started in 1961 in NSW. It has different rules and regulations for residential, commercial, and industrial buildings. If you own a strata property, you must follow the strata regulations. Let's go through some of the main rules or strata title act below!
• As per the strata rules, the individual building lot owners are equally responsible for the management and maintenance of the entire apartment.
• Every strata building has an owner's corporation who organize weekly or monthly meetings, conferences, and discussions to provide different facilities to the tenants, collect the taxes, levies, etc.
• The strata corporation can charge up to $5o or fines if any rules or regulation is violated.
If you live in Australia and own a strata property, you must be aware of the strata acts and schemes. Moreover, the strata rules are written documents and it it mandatory to provide each lot owners the individual photocopies of new strata rules.
For Eastern suburbs strata, strata properties in other suburbs in Australia, the strata title property act is equal for all!
Posted by Anonymous