What is Strata (Condominium) Ownership?
Strata title property is a form of ownership in which a property owner owns their individual unit, plus a share of the common areas of the site, or “common property”. Residential, commercial, industrial and other types of buildings may be subdivided by way of a strata plan. Each development is managed by its own “strata corporation”, although some strata corporations may choose to hire a property manager. The owner of each strata lot has one vote in the strata corporation, and generally pays monthly maintenance fees to cover shared expenses related to common property and to provide for a contingency fund, used for repairs and maintenance of common property. The strata corporation can pass strata by-laws (building regulations), and must hold a general meeting of all owners at least once a year, when the annual budget is approved, the “strata council” is elected, and special resolutions, if requested, are voted on.
Related Questions
- What land taxes and fees should I expect while I own the condominium? Specifically, are there any property taxes associated with the ongoing ownership of the condominium?
- What is the difference between a Strata Corporation and a Condominium Corporation, and a Strata Council and a Condominium Board?
- What are the basic differences between ownership of a Condominium and ownership of a PUD?
