If for example there was a block of 4 strata title units, and over time you slowly acquired each of the 4 units – would you thus then be able to get rid of the strata management, and manage yourself?
The problem is, someone would still own the land right?
watsonc wrote:The problem is, someone would still own the land right?The land 'Common Property' other than the Strata Units themselves would still be 'owned' by the Body Corporate/Owners Corporation.
In some States a Title for the Common Property may not have even been issued.
Really a non issue unless you wished to totaly redevelop (knock down & rebuild etc).In this case if all the Strata Units are owned by one owner then the Common Propertry would also be theirs (rather than an 'undivided portion')
Yes there would be no need for a Strata Management Company.
I stand to be corrected but I don't think there is ever a need/requirement for a Starta Management coy if one or a few of the owners are willing to take reasponsibilty for the Strata management i.e arrange insurance call & run the AGM etc. I owned a unit that was run like this foe many years however due to disputes amonst the owners a Management Coy was appointedIf there is one owner of all the units on a strata title, they are usually exempt from complying with many requirements of that State's strata laws e.g. annual general meetings, building insurance taken out by the body corporate/owners corporation.
The Rentwise blog has some handy information on BC/OCs: http://blog.rentwise.com.au/index.php/2010/04/21/body-corporates-the-basics
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