Strata Property Buyers - Quenstion And Answer!

I haven't published a blog for a while on this blogspot, but today that will change. Although, I do not want to purchase a property I went to inspect a property for curiosity at 8/26 Hythe Street, Mount Druitt.

There was no left over profile of the property on a flyer left, as the Real Estate Agent, Adam Silva from Wiseberry Real Estate, Prospect brought 25 copies for the inspection and it had all been used up. This tells you that there are lots more potential buyers for the property then available properties, in the area I would assume. Maybe why Mount Druitt, is a "Hot Property Spot".

There was this young man who had been to other Strata Management Properties on the market and requested  to the agent a copy of the Strata Management Report. The agent responded in a clear and correct manner, 'They do not supply copy of Strata Management Reports as this is requested through the buyers solicitor, once the initial deposit is paid and  the solicitor will discuss the report with their client.'

This young gentleman advised that he was giving the same reports by other Real Estate Agents before, whilst inspecting these properties.  Apparently, this may be  legally an issue to supply this information on inspection.

From experience, I agree with Mr. Silva, agents are there to show the property to  potential customers,  Strata Management Report can be obtained from solicitors. There is a cost for the report to be released from the Strata Management as they will not release for the sake of releasing!

So keep this in mind when looking for Strata Management Property!

 
 

Strata Units/Villas/ Town Houses - What Is Involved If Purchased?

In Australia, Strata Units or Strata Town Houses are basically not that complicated as it may sound, yet it is said quickly.

The Oxford Dictionary meaning for 'Strata' is  (http://www.oxforddictionaries.com) is very simply - the Plural word for 'Stratum'. And then the Oxford Dictionary meaning for 'Stratum' is:

noun (plural strata /-tə/)

• 1a layer or a series of layers of rock in the ground:a stratum of flint
•  a thin layer within any structure:thin strata of air

• 2a level or class to which people are assigned according to their social status, education, or income:members of other social strata
•  Statistics a group into which members of a population are divided in stratified sampling:allocation of sample units to strata

Origin:

late 16th century (in the sense 'layer or coat of a substance'): modern Latin, from Latin, literally 'something spread or laid down', neuter past participle of sternere 'strew'

In Latin the word stratum is singular and its plural form is strata. In English this distinction is maintained—it is incorrect to use strata as a singular or to create the form stratas as the plural: a series of overlying strata not a series of overlying stratas, and a new stratum was uncovered not a new strata was uncovered.

So now are you confused? Well, I was uneducated until 2 

weeks ago. Now I am semi-qualified to explain to you  how 

it works in Australia.

Basically in means that you don't pay for Building

insurance when you own a Strata Titled property,  as you 

are sharing a common property. Yet Quarterly levies need

to be paid, which covers  building insurance and 

maintenance and repair of property. Improvement for 

anything related to the property need to be approved by a 

the owners corporation.

For further information you can research the following 

websites, for assistance:

NSW Fair Trading - Strata Schemes 

Strata Community Organisation

So Strata Units are  are Strata Titled units commonly 

known as a block of Units and Strata Town House can be

 joined or freestanding.


Type of Strata Units:

                                                         

Types of Strata Townhouses: 

First one is sharing a common wall, the second one is free-

standing.