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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.
Strata management, sometimes known as "body corporate management", is a specialist area of property management involving the day-to-day operation and management of a property that is jointly owned and comprises multiple units, common areas and common facilities.
It has features similar to the strata title system in Australia, and condominium systems in the United States. Following a consultation by the Law Commission, [1] it was introduced by the Commonhold and Leasehold Reform Act 2002 as an alternative to leasehold, and was the first new type of legal estate to be introduced in English law since 1925 ...
‘Clear title’ meaning. A clear title, also known as a “clean title,” is a property title that is free from liens or additional issues that could jeopardize ownership, such as boundary ...
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.
Town managers have typically had more power during contract negotiations and in the hiring and firing of municipal employees.
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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 ...