WHAT IS A STRATA, BODY CORPORATE OR OWNERS CORPORATION
StrataTip #610.001.101
Wherever you are in Australia you’ll find strata, body corporate or owners corporation title properties.
They describe a system of property ownership for shared buildings like apartments, townhouses, villas, and similar residences. But, strata title shops, offices and factories also exist.
The system allows separate ownership of parts of the building [lots] and shared ownership of the main structures and rest of the building [the common property].
Strata title was first introduced in Australia in 1961, has been updated regularly since, and operates slightly differently in each state.
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This was Strata Tip #610.001.001