Strata title is individual ownership of a unit or apartment within a multi-unit complex.
Clarence Team Pty Ltd are well positioned in the Melbourne real estate industry to work with those involved in Strata project builds and title ownership.
Contact us today for Strata title advice or information so that you can make the best decisions for your asset.
- Owners Corporations Act 2006
- Subdivision Act 1988
- Owners Corporations Regulations 2007,
- Subdivision (Permit and Certification Fees) Regulations 2000,
- Subdivision (Procedures) Regulations 2000,
- Subdivision (Registrar's Fees) Regulations 2004.
All multi-lot buildings are legally required to take out strata insurance to cover all common areas and shared property included on the strata title. The insurance premium will be divided between the various lot owners and must be renewed annually to comply with Victorian legislation.
Included in Strata Insurance are the following items;
- Any improvements and fixtures forming part of the building accessible in common or shared areas.
- Shared building services including pipes or cables used to provide water, electricity, gas and telecommunication to the building.
Not Included in Strata Insurance are;
- Carpet and temporary floor, wall and ceiling coverings
- Fixtures removable by lessee at the end of lease term
- Anything prescribed as not forming part of the building
At Clarence Team Pty Ltd, we are affiliated with leading strata insurance provider CHU. We can negotiate competitive insurance rates with comprehensive strata insurance for our clients to ensure ongoing peace of mind and efficient claim handling.
Information for Buyers
What is an Owner’s Corporation? An owner’s corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development
What are the main responsibilities of an Owner’s Corporation? To arrange repairs and maintenance of common property, raise fees and levies from owners to meet financial obligations, arrange ongoing building insurance, provide OC Certificates, keep administrative records, and in general ensure smooth operation of the residences in accordance with the Owners Corporations Act 2006 and OC Rules and Regulations.
What are OC Managers? Owners Corporation Managers are a service which, for a small annual fee, handle all aspects related to common areas of a building. This includes financial, building compliance, insurance, repairs and maintenance, dispute resolution and administration. In complexes where 8 or more lots exist, OC Managers are a crucial party in ensuring the smooth running and upkeep of the building.
If I purchase a property in a multi-lot residence what do I need to know?
- You will have the right to vote on decisions which affect matters about the future changes and modifications to the building
- You will be obliged to pay annual OC fees, levies and charges
- You must comply with the OC Rules which govern your building
- You have the right to join the OC Committee who are more actively involved in the upkeep and handling of issues related to the building