This title scheme clarifies ownership that states the rights and responsibilities of all parties. This ensures the smooth running of the scheme along with providing protection for all parties under the law. Although, the legislation keeps pace with the constantly evolving industry. And that is the reason why legislation includes provisions for every style of the scheme from residential apartments to marina berths.

However, if there is any dispute regarding this then a building dispute lawyer in Sydney can be called to sort out the issue.

History of Strata

This title was first used by the NSW parliament when they passed the conveyancing act of 1961. before that, it was necessary to use cumbersome complicated structures to define the ownership of single units or apartments within a larger complex. Due to this, banks became increasingly reluctant to provide lending for units or apartments.

But this scheme was grown in complexity over the years to match with the increasingly complex nature of developments. Along with that, there was a growth in a range of professions such as strata managers, strata lawyers who could explain strata by the laws in Sydney, searchers, and other industry professionals.

Where is this scheme used?

Strata title schemes are mostly found in many different residential settings, including residential complexes, serviced, apartments, retirement villages, and many more places. Moreover, they are even used in industrial complexes, commercial buildings and retail precincts.

So, these are some of the basics of the strata living that you need to know before shifting to a residential building or as a tenant.