Strata title house is a relatively new type of housing designed especially for small, multilevel residential subdivisions and apartment complexes by dividing up the areas into individual units. The word strata, as the name suggests, refers to apartment buildings which are on different levels. All levels have washrooms and kitchens with fully functional kitchens, and the higher levels have elevators, and staircases. Many strata-titled buildings also have security systems, fire alarms, and exterior doors installed. The buildings are usually constructed in an eco-friendly manner, and some even incorporate passive solar design, solar heating, wind-powered electricity, rainwater harvesting, and geothermal design.
The Ultimate Guide To What Is Strata Title?
In order to purchase a strata title, there are two types of transactions available: open strata and closed strata. In the open strata transaction, as the name suggests, the buyer of the strata title acts as seller, and the seller will act as purchaser. In the closed strata transaction, the buyer and seller will engage in a transaction in which both parties are listed on the strata’s strata title. If the purchaser fails to pay his monthly dues, the strata title will revert to the seller. This process is repeated throughout the entire life of the strata title, called the reversion process.
It is the responsibility of the purchaser to make all payments on time, without fail, until the end of the strata title period, which is 14 days in length. This payment schedule must be adhered to, or else the strata title may become invalid. The purchaser is also obligated to notify the strata title holder of all developments within the strata, so that the owner may remedy the breach before the expiration of the term. If the purchaser and the seller fail to come to an agreement, the purchaser must give notice to the holder, who has the right to enforce the rights of the purchaser until the expiration of the term.