There is nobody in this world who doesn’t want to invest in different sectors, majorly stocks, bonds, FDs and real estate are considered as the most general options for investments. There are certain issues with owning a real estate property, there are some countries where idle properties are not cool to handle because, there are illegal possession, threat of fake papers and some other threats which are not suitable to handle at all. For those who are unaware of this term ‘strata property’; to make it simple strata means a section, a portion, a segment of something. This term is quite self-explanatory now, strata property is something which is owned in sharing, and one person cannot be the owner of the property however he/she can own some portion of the property, it’s a combined ownership hence the terms and laws are different too.
Ok! So strata management is not something conventional and normal, the unique feature of ownership compel the owners to follow the defined and exclusive laws. One cannot just go and buy the ownership by paying the amount (that happens normally, but not here) one has to get the certificate in order to get the ownership.
There is an special section for strata property known as section 184, without getting into deep technicalities this section 184 is specifically for Strata Property contains enormous information regarding the taxes to be levied, outstanding payments, overall tax brackets every and any legal detail related to strata services Sydney can be found through Section 184, on the other hand it is mandatory too to get the section 184 certificate before signing the contract. Another most important law related to the strata property is related to renovation, one cannot just alter, reconstruct or amend the property without permission, so much so even before installing an internet, television or any other connection one has to get the renovation permission, no locks or any other change (even minor change in a strata property) without renovation permission will be considered as the violation of strata property law.
The calculation laws for strata property is very simple, levies are decided and calculated on the basis of unit entitlement and this discussion takes place every year in an official, annual general meeting. Although extra charges may incur from time to time depends on the decision of the board authority. Since it’s a joint ownership mantra, one has to follow the law of boundaries as well which means, the person with the ownership thing has to know the exact boundaries, means what’s community area and what comes in the area of strata property must be very clear and followed accordingly (otherwise the community law and separate boundary law for strata property may hinder things badly). There are so many other special laws such as: Airspace laws, agent laws, by laws etc. which implies on the strata property. So the strategy to know the rules, legal sections and laws for strata property is very important.