In Tasmania titles are usually either torrens title or strata title. This article explains the differences between them and how the differences may impact on your ownership of the property and how it can be used.
Currently torrens title is the most common form of ownership of land in Tasmania. The owner is responsible for the maintenance of the whole property together with payment of Council and Water Rates. The only restriction on your use of the lot is Council zoning and approvals required to build or renovate your property.
Strata title properties are usually townhouses, units or villas. The title only includes the unit, any property that is not a lot on the strata plan is common property which is jointly owned by all parties who own a lot on the strata plan.
Common property normally includes areas such as driveways, court yards and access ways used in common by all the lot owners (or their tenants). All the owners collectively form the body corporate. The body corporate is responsible for the maintenance of the common property and insurance for the buildings erected on the property. The costs associated with the body corporate are shared between the owners on a unit entitlement basis, meaning larger units pay a higher amount. The costs are imposed on the owners by way of a body corporate levy.
Every body corporate has a set of by-laws which control the actions of the owners and occupiers of the lots. By-laws normally contain rules to governing parking, noise, keeping of animals, carrying out works and meetings of the body corporate. The Strata Titles Act sets out standard by-laws which are commonly used, however the body corporate can adopt their own form of by-laws.
When buying a strata titled unit it is important to be fully aware of the by-laws as they may impact on how you want to use the property.
Strata Title properties must still abide by council zoning requirements. The zoning may differ within the building for example the lower floors may be commercial, middle floors serviced apartments and top floors residential.
A previous article http://www.cormistonlegal.com.au/services/strata-titles-in-tasmania-frequently-asked-questions contains a more detailed outline of strata titled property.
When buying a property it is very important to understand the differences between torrens and strata title properties before entering into a contract of sale so you are aware of your rights in relation to the property.
Our conveyancing team can guide you through the process for both buying and selling Tasmanian torrens or strata titled land. Please contact us on 03 6332 9353 or use our contact form http://www.cormistonlegal.com.au/contact
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