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Strata title schemes are composed of individual lots and common property. Lots are either apartments, garages or storerooms and each is shown on the title as owned by a lot owner. Common property is defined as everything else on the parcel of land that is not comprised in a lot, such as common stairwells, driveways, roofs, gardens and so on.
A strata scheme is a building, or collection of buildings, where individual each own a small portion known as a 'lot' but where there is also common property (e.g. external walls, windows, roofs, driveways, foyers, fences, lawns and gardens). Every owner shares the ownership of the common property.
Strata properties are a popular housing choice in B.C. because it is convenient, provides security and added amenities and is usually less costly than buying a single-family home. [ 5 ] As the price of single-family housing has soared to unprecedented levels in Vancouver , the number of new condominium sales has increased, along with prices.
A condominium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.
Condominium (a.k.a. commonhold and strata title) – Ownership of an apartment or house is assigned to an individual, but common areas (e.g. hallways, heating system, elevators, exterior areas) are controlled by the homeowners' association. Fees are charged to the condo owners for maintenance of the common areas.
Condominium (strata title), where one owns the interior of the unit and also a specified share of the undivided interest of the remainder of the building and land known as common elements. Freehold, where one owns exclusively the land and the dwelling without any condominium aspects. These may share the foundation as well but have narrow air ...
The State guarantees title and is usually supported by a compensation scheme for those who lose their title due to the State's operation. It has been in practice in all Australian states and New Zealand since between 1858 and 1875, has more recently been extended to strata title , and has been adopted by many states, provinces and countries ...
The JMC acts on behalf of the JMB who has the responsibility to maintain and manage the building pending the issuance of individual strata titles. After strata titles are issued by the Land Office, the developer is responsible to call for the first Annual General Meeting of the Management Corporation.