What Exactly Do I Own When I Buy A Unit?

When you buy a unit it’s most likely that it is purchased as a “strata titled” property.

unit

This means you own the interior space (including balconies, courtyard, paint and garage) of the unit and share ownership of common areas within the unit block such as hallways, common walls, exterior grounds, pools, tennis courts and other facilities.

 

Having common ownership usually means you will have to pay a fee, normally quarterly, for the ongoing maintenance of common facilities. Before you buy a unit, make sure you understand what common area or strata levies you will have to pay.

 

Source : Quartile Property Network (25 November 2011)

 

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