Strata title legislation is concerned with estimating ownership of different “stratas” of properties like apartments. If for example a developer builds a multi-story apartment building he will rely on strata title legislation to determine ownership of each apartment unit when it is bought by a third party. However the new owners may find it difficult to navigate through the many layers of legislation concerning strata title legislation Perth – for this you need a specialist in strata schemes management Perth.
A company that specializes in insurance strata title perth will be able to help you distinguish between your property and the common areas that the developer has set aside for the community to use. This especially applies in housing subdivisions that are not apartments. The common areas in an apartment complex may include the stairwells, elevators, hallways, and function rooms if any. The common areas in a housing subdivision may be the parks and streets. You will be only able to claim ownership over your Lot (which could refer to your apartment or house, depending on the development community you have bought into). The common areas are different from the common property – common property refers to the space below, around and over the apartment building itself.
Take note that in Australia there are different legislation for different areas. So if you live in Perth you will need a specialist in strata title insurance perth. If you go to other places in Australia they may call the legislation by other names. For instance, other people in Australia may know strata title legislation simply as unit titles, community titles, or building units titles. You may need help determining the boundaries of your Lot especially if you are a new buyer. The surveyor will determine your Lot boundaries as soon as the apartment structure or house structure has been set in place. Once you know your Lot boundaries, you will also know what common areas exist that you don’t own.
To assist in property financial reporting Perth you may get a third party to assist in determining what taxes should be applied to your property. This is very important especially when you own apartment houses because you need to know what you are entitled to in relation to the actual Lot that you own. Generally apartments will require lower taxes compared to houses. Either way your financial reporting Perth should be based on the right documents and submitted to the right agencies
How to navigate through strata title legislation Perth