A Condensed Guide to Strata Properties
As the name suggests, a strata property is a property with a strata title. This is one of the main property titles, and the other two are master title and individual titles. This is the most important document related to home ownership or buying property. The actual title is proof that you own the property.
What is it?
Skyscrapers such as apartments and apartments are generally given strata titles. However, in certain cases, some landed properties (for example, closed and protected communities) can also be strata properties. Having this title generally means that the owner is having a portion from the piece of land or property that belongs to the developer. He also shares the entire property with other owners.
The strata title means that you are partly responsible for the shared common area. This can include swimming pools, playgrounds, saunas, gymnasiums, etc. in several buildings. However, these zones do not exclusively belong to any single owner.
Most building kits on the ground floor are equipped with accessory parcels including spaces allocated for air conditioning and parking. All of this will be clearly communicated and documented in your parcel.
What is the difference between a strata title and individual title?
The main difference is that you have all the land or property for individual title. This usually applies to rural homes such as town houses, bungalows and shops. For strata titles, ownership is provided as units.
In accordance with the Strata Titles (Amendment) Act 2013, the property titles must be issued after upon vacant possession. This means that the owner can expect to receive their respective titles as soon as they receive vacant possession from the developer. During this process, owners are also usually given their keys and other protected documents.
The new system also requires developers to start the application process when building construction is complete.
Having your strata title is important because:
- It is the most important piece of proof for your ownership of the unit.
- It is an instrument of charge to banks for the processing and repayment of loans.
- The issuance of the strata title will initiate the formation of the management corporation (MC) by owners of the entire property.
- It allows for the calculation of the maintenance fees according to your proportion of ownership.
- Prevent complications should the developer come under liquidation.
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