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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.
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.
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.
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 ...
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.
With an individual brokerage account, you're the only person with any rights to the portfolio. … Continue reading → The post Individual vs. Joint Brokerage Accounts appeared first on ...
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property.Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. [1]