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Strata title is a form of ownership and housing tenure devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The word "strata" refers to apartments on different levels. Strata title was first introduced in 1961 in the state of New South Wales, Australia, to better cope with the legal ownership of apartment ...
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.
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.
A good title consists of the combination of these three (possession, right of possession, and right of property) in the same person(s). The extinguishing of ancient, forgotten, or unasserted claims, such as E's in the example above, was the original purpose of statutes of limitations. Otherwise, title to property would always be uncertain.
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 ...
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 ...
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.
The developer is responsible to maintain and manage the building intended for strata title subdivisions during the first year after vacant possession (developer's management period). Within that one year, the developer shall call for an Annual General Meeting of all proprietors, during which, the Joint Management Body (JMB) is formed.