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  1. Why Is Your Office Design Important for Branding
  2. 6 factors in taking over an existing business
  3. 5 Essential Tips For Small Business and Startups From Expert Entrepreneurs
  4. 8 Start-up Secrets for young entrepreneurs
  5. 6 Smart Money-Saving Tips For Single Women
  6. 5 Ways To Enhance Your Soft Skills
  7. The Psychology Of Saving
  8. How to Calculate Diamond Prices So You Don’t Get Ripped Off
  9. Unique Collections and the Philosophy Behind Them
  10. Master The Art of Financial Planning with These Tips
  11. How To Manage Money in Your 30s
  12. Can Investing in Banknotes Make You Money?
  13. Unnecessary Expenses – Learn How to Control Your Costs
  14. 6 Simple Saving Techniques That Will Change Your Life
  15. What Tenants Need to Know about Strata
  16. 11 Strategies for More Efficient Business Travel
  17. The impact of the office interior on employee productivity and satisfaction
  18. Legal Precautions When Starting a New Company
  19. 5 Money lessons travelling can teach you
  20. 4 Types of Financial Aid Students Can Count On
  21. I ought to just try
  22. Saw that it was covered
  23. People all the time
  24. He must have tried
  25. He always rolled back
  26. Get into that position
  27. Chooses to enjoy a pleasure
  28. Every pleasure is to be
  29. These matters to this principle
  30. I lie close to the earth
  31. Heaven and earth seem
  32. However a small line
  33. About the blind texts almost
  34. The coast of the Semantics
  35. Supplies it with the necessary
  36. Dragged her into their agency
  37. Had grass morning
  38. Where they abused her
  39. Said could convince her and
  40. Around and return to its own
  41. Replenish itself
  42. Came from it would have been
  43. How to Save on Search Engine Optimisation Services
  44. If several languages coalesce
  45. Saving to Become a Millionaire
  46. Saving Mistake: Saving Without a Purpose
  47. Saving for Serenity Reborn
  48. Using Your Budget at its Fullest
  49. Save on Banking Fees
  50. Serenity Now: Remove Stress, Free Yourself, and Relax
  51. Time, Money and So Little of Either
  52. Post Honeymoon Consumerism
  53. Reaching the Savings Goal
  54. 100 Personal Finance Posts that Can Help You Save
  55. Spending What You Save
  56. Starting to Save Again
  57. Recording Your Expenses ASAP
  58. Quick Tax 2009 Review & Prize
  59. Maximizing your Savings
  60. Keeping Track of Your Budget
  61. How to Lower Your Costs and Stay Out of Debt
  62. Saving on Banking Fees
  63. Rules to Escaping Debt: Rule 2
  64. Achieving Serenity Now
  65. Should You Own Your House or Rent It?
  66. Save Yourself Serious Money by Negotiating – Part 1
  67. Staying Out of Debt
  68. Structured Debt Settlement in Denver
  69. Apply for Personal Loans
  70. Reasons Why we Fail to Save Part 1
  71. Taking Advantage of Year End Tax Strategies Part 2
  72. To achieve this it would be necessary
  73. Stopping the Senseless Spending
  74. Saving with Ease
  75. Preparations for an Expensive Month
  76. Planning Ahead Saves You Money
  77. Creating a Financial Resolution
  78. Can Money Buy Happiness?
  79. Avoiding Unnecessary Bank Fees
  80. Adjusting your Saving Habits
  81. Sticking with your Financial Resolution
  82. Taking Advantage of Year End Tax Strategies Part 1
  83. 2011 Financial Resolution
  84. Holiday Financial Mistakes
  85. Credit Cards & Credit Scores, OH MY!
  86. 5 Ways to Save Money
  87. Reasons Why We Fail to Save Part 2
  88. Avoiding Debt in College
  89. I neglect my talents
  90. Heaven and earth seem
  91. Reaching the Saving Goal
  92. Money Saving Tips for Beginners
  93. Home Buyer Tips
  94. Grammar resulting language
  95. Stopping the Senseless Spending
  96. Her for their projects again
  97. Where it came from it
  98. Then she continued her way
  99. Using Your Budget at its Fullest
  100. Streaming Full Movie Pet Sematary (2019)
  101. 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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