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Thursday, June 20, 2019
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  1. Unique Collections and the Philosophy Behind Them
  2. Master The Art of Financial Planning with These Tips
  3. How To Manage Money in Your 30s
  4. Can Investing in Banknotes Make You Money?
  5. Unnecessary Expenses – Learn How to Control Your Costs
  6. 6 Simple Saving Techniques That Will Change Your Life
  7. What Tenants Need to Know about Strata
  8. 11 Strategies for More Efficient Business Travel
  9. The impact of the office interior on employee productivity and satisfaction
  10. Legal Precautions When Starting a New Company
  11. 5 Money lessons travelling can teach you
  12. 4 Types of Financial Aid Students Can Count On
  13. I ought to just try
  14. Saw that it was covered
  15. People all the time
  16. He must have tried
  17. He always rolled back
  18. Get into that position
  19. Chooses to enjoy a pleasure
  20. Every pleasure is to be
  21. These matters to this principle
  22. I lie close to the earth
  23. Heaven and earth seem
  24. However a small line
  25. About the blind texts almost
  26. The coast of the Semantics
  27. Supplies it with the necessary
  28. Dragged her into their agency
  29. Had grass morning
  30. Where they abused her
  31. Said could convince her and
  32. Around and return to its own
  33. Replenish itself
  34. Came from it would have been
  35. How to Save on Search Engine Optimisation Services
  36. If several languages coalesce
  37. Saving to Become a Millionaire
  38. Saving Mistake: Saving Without a Purpose
  39. Saving for Serenity Reborn
  40. Using Your Budget at its Fullest
  41. Save on Banking Fees
  42. Serenity Now: Remove Stress, Free Yourself, and Relax
  43. Time, Money and So Little of Either
  44. Post Honeymoon Consumerism
  45. Reaching the Savings Goal
  46. 100 Personal Finance Posts that Can Help You Save
  47. Spending What You Save
  48. Starting to Save Again
  49. Recording Your Expenses ASAP
  50. Quick Tax 2009 Review & Prize
  51. Maximizing your Savings
  52. Keeping Track of Your Budget
  53. How to Lower Your Costs and Stay Out of Debt
  54. Saving on Banking Fees
  55. Rules to Escaping Debt: Rule 2
  56. Achieving Serenity Now
  57. Should You Own Your House or Rent It?
  58. Save Yourself Serious Money by Negotiating – Part 1
  59. Staying Out of Debt
  60. Structured Debt Settlement in Denver
  61. Apply for Personal Loans
  62. Reasons Why we Fail to Save Part 1
  63. Taking Advantage of Year End Tax Strategies Part 2
  64. To achieve this it would be necessary
  65. Stopping the Senseless Spending
  66. Saving with Ease
  67. Preparations for an Expensive Month
  68. Planning Ahead Saves You Money
  69. Creating a Financial Resolution
  70. Can Money Buy Happiness?
  71. Avoiding Unnecessary Bank Fees
  72. Adjusting your Saving Habits
  73. Sticking with your Financial Resolution
  74. Taking Advantage of Year End Tax Strategies Part 1
  75. 2011 Financial Resolution
  76. Holiday Financial Mistakes
  77. Credit Cards & Credit Scores, OH MY!
  78. 5 Ways to Save Money
  79. Reasons Why We Fail to Save Part 2
  80. Avoiding Debt in College
  81. I neglect my talents
  82. Heaven and earth seem
  83. Reaching the Saving Goal
  84. Money Saving Tips for Beginners
  85. Home Buyer Tips
  86. Grammar resulting language
  87. Stopping the Senseless Spending
  88. Her for their projects again
  89. Where it came from it
  90. Then she continued her way
  91. Using Your Budget at its Fullest
  92. Streaming Full Movie Pet Sematary (2019)
  93. Watch Movie Online The Professor and the Madman (2019)

If you are thinking of buying or you already own a strata property then you might be in for a surprise what this legal term implies in its narrowest sense. You probably know that strata properties are usually buildings or blocks of buildings in which the common grounds, like the lobbies and the playgrounds, are managed by owners’ corporations. This concept of property ownership is not only popular in Australia but more and more housing estates worldwide are coming up with strata regulations of their own. The legal is bit is perhaps the biggest snare for tenants as they are not always made aware of what the strata regulations allow them to do and what they are not entitled to.

Ownership of space

First things first, you need to know where the line of division between your and communal property runs. In most strata schemes, you become the owner of the inside space of the housing unit, i.e. an apartment in a building. What you own are the interior surfaces, like the walls and the flooring but you don’t own the other side of them, like the hallway walls and the façade. Everything outside your apartment, including the garages and the garden. is maintained by the aforementioned owners’ collective or a strata company as they are also called.

Dividing duties

You are the king of your domain, which translates into responsibility for everything that goes inside your apartment. The maintenance of the elevators, mopping of the floors and trimming the garden all fall under the scope of owners’ association’s responsibility. Although the strata committee is mostly comprised of real estate owners, they usually delegate professional strata managing agents to take care of daily operations, so he or she acts as sort of a superintendent of the building. However, these people, alongside rental agents and other individuals who enter a strata scheme for a profit, cannot become members of the managing committee sue to conflict of interest.

Resolving differences

Although strata schemes might seem like arrangements where everybody wins, the existence of so many factors means that a potential dispute is constantly looming in the air. For once, owners’ corporations can decide to sue the building company or their subcontractors (and/or suppliers) and on the other side, a title owner or tenant can get into a dispute with another owner or even the owners’ corporation itself. This is where experienced strata dispute lawyers come into play in an effort to mediate the dispute and try to find the best possible solution. After all, the people you as the tenant decide to be litigious about are your next doors’ neighbours so you might want to take it down a notch.

The risky renovation

Since you down actually own the walls of your home in their entirety as a physical object, according to by-laws, you are required to ask for a permit to hammer a nail for a picture. Luckily, this issue was more topical a few decades ago, as the current legislation does allow for different types of repairs or renovations, such as cosmetic, minor, and major. This means that you can nail the framed family photo but you have to notify the committee.

Any minor alterations that you wish to make to the property you occupy are going to require approval from the committee which is fairly easy to get for the most common improvements, like installing an AC unit. In fact, if several of your neighbours have already had similar work done to their homes, then this approval might be positive by default. Finally, any major changes you wish to carry out in the building, like tearing down sections of the wall, will require you to get a special resolution that is brought forward at a general meeting of the committee.

What does it cost to enter a strata scheme?

Coercive as it may seem at first but in strata schemes ownership implies membership, so you are required to pay levies. The strata company determines the annual rate that you have to pay during their general meeting and there are several factors which help determine individual amounts. In most cases, the size of the lot that a particular title owner possesses determines the levies that are due.

However, this money does not go to waste but it is reinvested back into the scheme through two separate funds. The first fund is used for day to day expenses, such as maintenance and hiring cleaning services. The second fund is a sinking one that is used when the need arises for capital investments that concern the interest of all the tenants. Such scenarios might include replacing the roof structure, painting the outside of the entire building or installing a new door phone.

A residential strata scheme is a communal living concept that has definitely stood the test of time. However, you as the tenant (or a prospective tenant) still need to learn more about your duties and your right, especially the legal ones.

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