Strata Title: What It Really Means for Property Owners

What is Strata?

Strata title is a way to own property. It's common in apartments and townhouses. You own your individual unit. You also own a share of the common areas.

Understanding Shared Ownership

Think of a building with multiple units. The common areas are things everyone shares. This includes things like hallways, elevators, and the grounds. With strata title, you own a part of these shared spaces.

Your strata title shows your ownership of your specific unit. It also shows your share of the common property. This share is expressed as a percentage.

What Does This Mean for You?

You pay fees. These fees maintain the common areas. Think repairs, cleaning, and insurance. You'll vote on things affecting the building. This is usually done at annual general meetings.

You have responsibilities. You must maintain your unit. You need to follow the building's rules. These rules are often found in the strata corporation's bylaws.

Benefits of Strata Title

Strata title can be a great way to own property. It often means less maintenance for you. Shared responsibility makes things easier. You are part of a community.

Disadvantages of Strata Title

You have to pay strata fees. You have to follow rules. Decisions are made collectively, not individually. This can sometimes lead to disagreements.

In Short: What is Strata?

Strata title means shared ownership. You own your unit and a share of common areas. It comes with fees and responsibilities. But it can also offer a convenient and community-oriented way to live.