What is Strata?
“Strata” refers to a form of property ownership or a type of property arrangement commonly found in multi-unit residential or commercial buildings. A legal framework allows a property to be divided into separate lots or units. These lots or units can be privately owned by different people or groups. These individual lots can include apartments, townhouses, offices, or retail spaces.
Each lot owner in a strata arrangement controls their own unit and shares common areas. Common areas can include shared hallways, entrances, parking lots, gardens, and recreational facilities.
A group called the owners’ corporation or strata corporation usually regulates the governance and management of a strata scheme. The owners’ corporation consists of all the lot owners in the strata scheme. They make collective decisions, manage common property, and maintain the overall property.
In strata schemes, there are by-laws that govern the rights, responsibilities, and behavior of owners and residents. The by-laws can include rules about noise, pets, common areas, and resolving disputes. Strata living has pros and cons. You can own a specific part of a building and also share the costs and work of keeping the shared spaces nice. But, it also means following the rules and decisions made by the owners’ corporation. It might need cooperation and compromise between owners with different interests.