Ī Unit Title can be either a Stratum in Freehold, where the owners own the underlying land, or Stratum in Leasehold, where another person owns the land and the body corporate pays rent to that person.
There are 145,000 unit title dwellings in New Zealand. In New Zealand, Strata Title, commonly called a Unit Title, is created by the Unit Titles Act 2010. Common Property is defined as everything else on the parcel of land that is not comprised in a Lot, such as common stairwells, driveways, roofs, gardens and so on. Lots are either apartments, garages or storerooms and each is shown on the title as being owned by a Lot Owner.
Strata Title Schemes are composed of individual lots and common property. Other countries have legislation based on similar principles but with different definitions and using different mechanisms in their administration. Other countries that have adopted the Australian system (or a similar variant) of apartment ownership include: Canada ( Alberta, British Columbia), Fiji, India, Indonesia, Malaysia, New Zealand, the Philippines, Singapore, South Africa and the United Arab Emirates. This term also applies to house-type strata title units in Australia. Previously, the only adequate method of dividing ownership was company title, which had a number of defects, such as the difficulty of instituting mortgages. Strata title was first introduced in 1961 in the state of New South Wales, Australia, to better cope with the legal ownership of apartment blocks. The word "strata" refers to apartments being on different levels. Strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas. Common Property is defined as everything else on the parcel of land that is not comprised in a Lot, such as common stairwells, driveways, roofs, gardens and so on.For other uses, see Strata (disambiguation). Other countries that have adopted the Australian system of apartment ownership include Previously, the only adequate method of dividing ownership was company title, which suffered from a number of defects, such as the difficulty of instituting mortgages. The 'strata' part of the term refers to apartments being on different levels, or "strata". Freebase (0.00 / 0 votes) Rate this definition:
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