STRATA TITLED PROPERTY
A strata title is a certificate of title for a lot and a share in the common property in a strata scheme set up under the Strata Titles Act 1985. The strata scheme dictates what you own when you buy a strata titled lot and what is common property. There are a number of combinations of individual ownership and common property.
Depending on the strata scheme, common property may include exterior walls, courtyards, roofs, and driveways as well as shared facilities such as laundries, swimming pools, stairwells and lifts.
Information you must be given when you purchase a strata property
Before you buy a strata titled property, check whether it is a registered strata titled lot or a proposed strata titled lot. The main difference between the two is the information that the seller must give you prior to the sale. As a minimum, the seller must give you the following:
- A copy of the strata plan, which indicates the lot being sold and provides information about the lot.
- A copy of the standard and any non-standard by-laws.
- A form called Buying and Selling a Strata Titled Lot (Form 29). Form 29 outlines your rights and obligations as an owner of a strata titled property.
- A form called Disclosure Statement: Sale of Strata Titled Lot or Proposed Strata Titled Lot (Form 28). Form 28 sets out a list of all the information you should receive before buying a strata titled property and your rights if you do not receive the information.
Only if you are happy with the content of the forms should you sign Form 28. Signing Form 28 is not an offer or contract to buy the strata titled property – it simply shows that you have received and understood the information provided.