The term ‘Strata Scheme’ is used to describe a residential complex that contains two or more separate dwellings. that is, anything from a duplex to a multi-unit dwelling.
You are able to purchase a strata dwelling, either prior to building, during or after completion.
When you purchase property within a strata scheme you will be issued with a number of items.
The first will be Form 28, which is a standard Disclosure Form designed to provide you with key information relevant to the Strata, and Form 29, which supplies you with general information and is part of Form 28.
Other items of interest that you should be given are copies of the:
- Strata Plan which will outline the boundaries of your particular share of the property, known as the Strata Lot and will include information regarding anything that is included in the Lot such as land, buildings, courtyard, garden and carport. It will also provide information on entitlements, registered amendments of bylaws, and any encumbrances that may affect the Strata Lots or common property.
- Built Strata, which will show the dimensions of the entire complex – building and land, including common property.
- Survey Strata, which will outline the dimensions of the Strata Lots and common property but not the land.
You may submit a Section 43 Certificate to obtain levy and insurance information prior to purchase.
When You Become an Owner of a Strata Property
There are a number of responsibilities that must be undertaken to maintain a Strata Property correctly.
The first is to create a Strata Company, which is made up of the owners of the Lots in the Strata Scheme. This allows owners to meet with each other to discuss issues, schedule maintenance and levies.
The levies are provided by each Lot owner in proportion to individual unit entitlements and are used to maintain common property and pay insurances for same.
Common property is the land or improvements that all Lot owners are entitled to use such as driveways, gardens, pools, spas, laundry rooms etc.
In most cases the Strata Company will elect to employ the services of a Strata Manager such as ourselves, WA Strata Management, to manage the finances, maintenance, and other affairs of the Strata Company.
This is because the legislation and bylaws of this style of development is not only complex but is ever changing and improving. We take the worry and stress out of your Strata and we free up your time for more pleasurable pursuits.
We hope we have helped to clear up any Strata confusion but please do not hesitate to contact us to discuss your needs, issues, and desires.