Strata Titles: A range of property types can exist under strata plans, including residential properties, commercial and retail premises, serviced apartments, retirement villages, and caravan parks. While a strata title allows an individual to own part of a property (e.g. apartment or townhouse), shared ownership of common property (e.g. driveways, gardens, lobbies, hallways) is governed by a legal entity referred to as an owners’ corporation, body corporate, or strata company.
If you are purchasing a strata titled property, then it is important that you understand the strata by-laws, and that you are certain as to your rights and responsibilities as a member of a strata scheme. Wyatts can help you understand your strata arrangements by providing legal advice concerning strata by-laws and building management agreements. We also offer legal assistance, such as mediation, if a strata title dispute arises.
Company Titles: Prior to 1961, the most common way of managing the ownership of common property was via a “company title”. This title required the formation of a company that held legal ownership of the building, including private residential units. Residents obtained their right to live in the building by purchasing shares in the company, and these shares entitled them to exclusive use of their unit/apartment, and to access common property.
If you are selling a property that exists under a company title, Wyatts can prepare a Deed of Sale of shares in the company title. Our lawyers can also advise and act on the purchase of a company title property.