Sydney Strata Report
Strata Report contains the following features:
- A Pre -purchase Inspection of the corporation’s books and records
- Insurance Issues
- Strata Titles Act Breaches
- Pet Regulations
Let's have a look at the following terms in strata living.
A Strata Scheme
A Strata Scheme is a building or collection of buildings that has been divided into ‘lots’. Lots are generally individual units/apartments, townhouses or houses. When a person buys a lot, they own the individual lot and also share the ownership of common property with other lot owners. Common property generally includes things like gardens, external walls, roofs, driveways and stairwells.
Strata living can provide a friendly community-style environment but differs from living in a freestanding house. Some activities may be more restricted – for example, where you can park your car or how you can renovate your lot. It is important for people to be aware of the responsibilities and obligations.
What would I Actually Own in a Strata Scheme?
One major difference between owning a house and a unit in a strata scheme (or ‘lot’) is that the external walls, the floor and roof do not usually belong to the 'lot' owner. These areas are usually common property, which means that the maintenance and repair of these parts of the building are the responsibility of the owners corporation. As it is common property, the 'lot' owner cannot alter or renovate these areas without the permission from the owners corporation. 'Lot' owners may need permission to do things such as install services (eg. cable television, phone or internet), knock down walls or replace locks on doors and/or windows.
Before purchasing a strata lot, the prospective buyer should be clear on the common property boundaries. For a definitive answer on the common property, refer to the strata plan for your individual strata scheme from Land and Property Information NSW. The strata plan shows the layout of the strata scheme and the common property details. You can also obtain expert advice if you are uncertain about the common property boundaries.
The property you are looking at may actually be within a community scheme. Generally, community schemes support a variety of different land uses (houses, apartments, gym, shops, golf course) within the one complex. Community schemes operate in much the same way as strata schemes, having lot owners, common property, owners corporations and by-laws.