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Posted 20 May 2024
Category: NCAT and Court Proceedings, eBooks
Strata, often referred to as “strata title,” is a method of ownership designed for multi-level apartment blocks and horizontal subdivisions with shared areas. Strata title gives an individual ownership of a part (called a “lot”) of a larger property, such as an apartment, and shared ownership in the common property, such as hallways, driveways, gardens, and amenities.
Here are the primary features and characteristics of strata title in NSW:
In NSW, the primary legislation governing strata schemes is the Strata Schemes Management Act 2015. It provides the legal framework for the creation and management of strata schemes, the rights and responsibilities of lot owners as well as how disputes in strata are to be resolved.
Strata land ownership has become increasingly common due to the rise in apartment and townhouse living, especially in urban areas. If considering purchasing a strata title property in NSW, it’s essential to understand both your rights and responsibilities as a lot owner.
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