New South Wales can claim credit as the first jurisdiction to introduce strata title, a form of shared ownership that has been replicated around the world. However, despite its popularity (there are more than 80,000 schemes in New South Wales alone), many new owners do not understand the concept and therefore are unclear of what is involved. The first thing that owners need to understand is that they have a shared interest in “common property” that would include walls, ceilings, doors and windows (for example), and individual ownership of t
Many owners find that they “inherit” their strata manager from previous owners or developers and so have not had much say in the firm appointed or the individuals nominated to handle the management of their property. For many property owners, their property, be it their home, rental property, office, warehouse of shop, is one of their single greatest investments and so entrusting its management to a company and person you can trust is very important. There may come a time when owners band together and decide that it is time for a change.