Buying a Strata Unit
One way of owning property is to buy a unit.
Each unit is called a lot in a strata plan. The lot has its own separate title.
An executive committee representing the owners corporation (made up of all unit owners) is set up to manage the common affairs of the lot owners e.g. caring for the building and the common areas such as stairways and pathways.
Owners contribute to (A) a sinking fund to meet the costs of painting and major repairs and (B) an administrative fund to meet ongoing costs such as insurance and cleaning.
Units have by-laws which place restrictions on the behaviour of residents, for instance not allowing them to keep pets.
Before buying a unit, check the executive committees minutes to avoid any surprises.