Tiered title is a type of real estate ownership where residents of multilevel condominiums own their apartments and share joint ownership of common areas. It is found in Australia, Canada, India, South Africa, the Philippines, and Singapore. Strata titles divide real estate into lots and common areas, and a committee of trustees oversees its smooth running.
A tiered title is a type of real estate ownership in which the residents of multilevel condominiums own their apartments but also share joint ownership of the common areas. With tiered title, the land is subdivided vertically and the land upon which the property stands is divided into public areas and lots. This form of ownership is predominantly found in Australia, Canada, India, South Africa, the Philippines and Singapore. It is similar in nature to a condominium building in the US or a joint property in the UK and Wales.
The first tiered title was introduced by the Australian state of New South Wales in 1961. It was subsequently used under various names throughout the other Australian states, and the country remained at the forefront of this type of title over the following decades. property. Government officials regularly analyze new data on strata titles in an effort to meet the needs of apartment and condo owners and the unique challenges that come with communal living arrangements.
Strata titles designate and divide real estate into lots and common areas. A lot refers to the apartment, condominium or housing unit itself, while common areas include portions of land surrounding the building and shared public spaces within the structure. Within the building, a common area could be an elevator, foyer, parking lot, stairway, or any other area used by all residents.
Common areas, however, are typically not specifically designated by a layer title. Instead, common areas are only called such after the surveyor has divided the property into parcels, and such shared spaces are the areas left over from the subdivision. Of course, it is common for some common areas, or parts of common areas, to be on a resident’s personal lot. In these cases, the common area is still considered a public space with common access and is not under the exclusive control of the resident owner of the lot.
Once a stratum title is registered under the law, it has a committee of trustees who work together to oversee its smooth running. The primary responsibility of the committee is to draft and review the policy for the overall property function. After the committee creates new policies or updates existing ones, volunteer charge-bearers are charged with ensuring compliance with the new rules. Both the committee and the officers are guided by the advice of a professional administrative liaison, usually known as a company executive or strata management agent.
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