Hi Everyone ,I was just wondering if someone could give me some info on Strata vs Stratum info , I am told that a Strata Title is one where the owner of a property eg unit has a membership for the body corporate and a Stratum is where you own the unit but are a shareholder in the common property ,is this correct??? I guess what I am really trying to say what is the difference?? do you in both cases have to pay a body corporate fee?? are there any drawbacks??? any nifo would be greatly appreciated , thanx
Stratum title can co-exist with strata title. Stratum allows you to undertake further work to a property eg staged development or mixed retail/commercial/resi development with 2 separate holdings.
The benefit is you can develop stage 1 (say basement carparks and shopping centre and have this as a stratum, the second stage being commercial can have its own stratum then be subdivided via strata title if you want to sell off offices and the third can have its own strata (the building so designed that each has its own entries, lifts and services. The running costs of each stratum are separate ie the commercial tenants pay for the running costs of their common plant and the retail pays for its outgoings. Each stratum, if further subdivided will have its own body corporate.
Further information is available on dept of lands website or via several surveyor's websites (google stratum).
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