Strata title in the context of "Apartment"

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⭐ Core Definition: Strata title

Strata title is a form of ownership and housing tenure devised for multi-level apartment blocks and horizontal subdivisions with shared areas. The word "strata" refers to apartments on different levels.

Strata title was first introduced in 1961 in the state of New South Wales, Australia, to better cope with the legal ownership of apartment blocks. Previously, the only adequate method of dividing ownership was company title, which had a number of defects, such as the difficulty of instituting mortgages. This term also applies to house-type strata title units in Australia.

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👉 Strata title in the context of Apartment

An apartment (North American English), flat (British English, Indian English, South African English), tenement (Scots English), or unit (Australian English) is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single story. There are many names for these overall buildings (see below). The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a condominium (strata title or commonhold) or leasehold, to tenants renting from a private landlord.
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Strata title in the context of Apartment building

An apartment (North American English), flat (British English, Indian English, South African English) or unit (Australian English), is a self-contained housing unit that occupies part of a building. The housing tenure of apartments also varies considerably, from large-scale public housing, to owner occupancy within what is legally a condominium (strata title or commonhold) or leasehold, to tenants renting from a private landlord. The buildings that contain apartments may be called different things depending on size or country (see below).

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Strata title in the context of Commonhold

Commonhold is a system of property ownership in England and Wales. It involves the indefinite freehold tenure of part of a multi-occupancy building (typically a flat) with shared ownership of and responsibility for common areas and services. It has features similar to the strata title system in Australia, and condominium systems in the United States. Following a consultation by the Law Commission, it was introduced by the Commonhold and Leasehold Reform Act 2002 as an alternative to leasehold, and was the first new type of legal estate to be introduced in English law since 1925.

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