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How to navigate through strata title legislation Perth
Strata title legislation is concerned with estimating ownership of different “stratas” of
properties like apartments. If for example a developer builds a multi-story apartment building
he will rely on strata title legislation to determine ownership of each apartment unit when it is
bought by a third party. However the new owners may find it difficult to navigate through the
many layers of legislation concerning strata title legislation Perth – for this you need a
specialist in strata schemes management Perth.
A company that specializes in Financial reporting perth will be able to help you distinguish
between your property and the common areas that the developer has set aside for the
community to use. This especially applies in housing subdivisions that are not apartments. The
common areas in an apartment complex may include the stairwells, elevators, hallways, and
function rooms if any. The common areas in a housing subdivision may be the parks and
streets. You will be only able to claim ownership over your Lot (which could refer to your
apartment or house, depending on the development community you have bought into). The
common areas are different from the common property – common property refers to the space
below, around and over the apartment building itself.
Take note that in Australia there are different legislation for different areas. So if you live in
Perth you will need a specialist in Body corporate Perth. If you go to other places in Australia
they may call the legislation by other names. For instance, other people in Australia may know
strata title legislation simply as unit titles, community titles, or building units titles. You may
need help determining the boundaries of your Lot especially if you are a new buyer. The
surveyor will determine your Lot boundaries as soon as the apartment structure or house
structure has been set in place. Once you know your Lot boundaries, you will also know what
common areas exist that you don’t own.
To assist in property financial reporting Perth you may get a third party to assist in determining
what taxes should be applied to your property. This is very important especially when you own
apartment houses because you need to know what you are entitled to in relation to the actual
Lot that you own. Generally apartments will require lower taxes compared to houses. Either
way your financial reporting Perth should be based on the right documents and submitted to
the right agencies