Strata Title may consist of individually owned lots for both residential and commercial as well as areas of communal spaces known as common property. Examples of residential lots include units, town houses and villas. Commercial lots include retail shops and factories.
Community Title Schemes may consist of shared property subdivided into strata units, townhouses, shopping blocks and even park areas. Such park areas include bicycle tracks, swimming pools, tennis courts and even golf courses, just to name a few attractive features. The popularity of Community Title Schemes is growing rapidly, especially in the outer western suburbs of Sydney.
Late in 2016 new strata laws were introduced in New South Wales to modernise past regulations.
Among the changes are new provisions covering the important matter of alterations to a strata unit, with distinctions made between cosmetic, minor and major renovations and the consents procedures to be followed for each type of work, some of which will require the passing of a special resolution.
Owners Corporations are also required to review their current by-laws.
If you are an either an individual, or a member of a Strata Committee needing advice and guidance on these and other new requirements, or on strata or community title generally, contact us now.