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Strata PropertyWhat is Common Property? Common property comprises of the land in a strata scheme which is not contained in any current lot. The common property boundaries of each lot are generally formed by:
The following is a checklist for common property:
In accordance with the Strata Schemes Management Act 1996, an owners corporation has a duty to maintain and repair common property. Recent legislative changes now require owners corporations to determine the likely expenditure on items of a capital nature over the next ten-year period. Therefore schemes must plan ahead for future strata property management, renewal and replacement. |
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