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3 MUST-know basics of strata title

Strata are one of the crucial governmental systems that give building ownership licenses to the people. Strata title involves owneru2019s corporation and professional strata managers to regulate strata title management in Sydney, and other Australian places.

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3 MUST-know basics of strata title

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  1. 3 MUST 3 MUST- -know basics of strata title know basics of strata title Strata title is the type of legal system made for land building owners. Strata property act was established in 1961, in NSW. Buildings and apartments are termed as physical and valuable assets. This is why strata title is a significant administrative law to provide various benefits and facilities. In today’s context, we will be learning about the three things associated with the strata title act. So, let’s get started with a quick introduction to the strata title act! To put it simply, - Strata are the type of system or title for people who own townhouses and buildings with multiple fellow owners. It is legal ownership for owning individual units in a strata-titled building or apartment. - Strata buildings have individual/ private lots and common spaces that are managed and owned by multiple owners and used by multiple tenants. In addition, Every strata-titled building has its own owner’s corporation. The owner’s corporation is the decision-makers in apartments and all the owners can vote for better community rules and regulations. - They maintain the administrative guidelines of by-laws (Rules made for owners & tenants in strata apartments).The owner’s corporation is a powerful body to change or remove by-laws, and other rules. Moreover, Strata-building communities need someone to manage, maintain, and preserve building assets and facilities. The person or group of people who look after strata-titled building maintenance, asset management, and other activities are known as strata managers. - Strata managers have a crucial role to inform strata regulations, collecting taxes, rentals, finding a rental lease, etc. - They handle banking affairs, financial accounts, and other administrative matters.

  2. - Strata managers work on behalf of the building owners and provide a tension-free lifestyle. - They look after property maintenance, renovation, cleaning, and other activities. To conclude, Strata are one of the crucial governmental systems that give building ownership licenses to the people. Strata title involves owner’s corporation and professional strata managers to regulate strata title management in Sydney, and other Australian places.

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