Understanding Strata - Things You Need Know
If you are from Australia, you must have come across the word Strata, especially the one living in apartments. But what is strata and how does it work? This guide will clearly explain what strata is and why you need strata. What is Strata? Strata mean 'to layer'. In terms of property, strata refer to the living spaces stacked upon each other. For example, multiple families, couples, and single people living in the same blocks of units. Strata in Australia is a legal model for every family, individual, or single people living in the same block that allows for individual ownership of certain parts of the property, block or land and shared ownership of others. There are two forms of property for strata but before understanding the property let us know for what kind of property strata can be developed. Strata plans development can be for: - residential apartments -commercial apartments - both residential as well as commercial (ex: apartments with shops in