23/06/2023
Do you know what is strata title?
Many homeowners have not received their strata title even though it has been years since they purchased said properties. What is the big deal with strata titles??
A strata title is issued for stratified properties.
This means that you and the other apartment/condo owners own your own particular unit or parcel as well as being responsible for the shared areas known as common areas. These include the swimming pool, gym, elevators, lounge and any area that does not belong to an individual strata unit holder.
Strata title is important because:
• It serves as proof of ownership of the apartment/condo.
• It is used as an instrument of charge to banks for loans.
• The issuance of the strata title will initiate the formation of the management corporation (MC) by owners of the apartment/condo.
Upon issuance of strata titles by the land authority, the developer shall transfer the titles to the purchasers within 30 days of the date of issuance. This is an important step neglected by many homeowners. If the titles are not transferred over to homeowners, this puts them in a situation where they are not the legal owners of the parcels but rather beneficial owners.
