What does strata title mean for the commercial property?

In strata properties, individuals or businesses own separate lots within the property, and share ownership of all common areas. A ‘lot’ is the unit of ownership, such as office space in commercial strata. A residential strata property may be split into multiple apartments.

When does the new Strata Title Act 2013 come into force?

The STAA 2013 has come into force since 1 June 2015. (g) the execution of transfer documents of ownership of strata titles by purchaser within thirty (30) days from the date of issuance of the strata title by the Land Administrator (section 19A). Two key areas that both property buyers and original proprietors alike need to be familiar with:-

How many strata titles are there in Australia?

Uniquely, strata title allows for individual ownership of an actual lot or unit whilst sharing ownership of the common grounds on which it is built. The concept only came into being 50 years ago, however, there are now more than 270,000 strata title properties providing more than two million homes across Australia.

Is it expensive to live in a strata title apartment?

Strata levies can be expensive, particularly in larger blocks with lifts, gyms and pools. It can be very noisy to live in a strata title apartment since you’ll have neighbours living above and below you.

What do you need to know about strata title?

Here is a few things you should know if you’re looking at buying a strata title property. What is a strata scheme? A strata scheme is another name for a strata title development. Basically, it’s a building or group of buildings divided into ‘lots’, which can either be individual units, apartments or townhouses.

When did the Strata Titles Act 1985 come into force?

Prior to the coming into force of the Strata Titles (Amendment) Act 2013 (“STA 2013”) and the Strata Management Act 2013 (“SMA 2013”), the Strata Titles Act 1985 (“STA 1985”) and the Building and Common Property (Maintenance and Management) Act 2007 (“BCPA 2007”) were the laws governing strata management.

What are the laws on strata titles in Malaysia?

In Malaysia, the main law that regulates the issuance or transfer of strata titles is the Strata Titles Act 1985, says Tan. “But in 2013, parliament passed the Housing Development (Control and Licensing) (Amendment) Act 2012 and the Strata Titles (Amendment) Act 2013, which made major changes to the laws on the issuance of strata titles.”