The differences between each type of subdivision is summarised below. Other features of stratum subdivision include: Easements for support and shelter are automatically created when the plan of subdivision is registered. Other easements, like rights for access and easements for services, may be specified on the plan of subdivision.
These easements may be required to regulate the use and maintenance of the building by the owners of the stratum. A Building Management Statement may be lodged setting out the provisions for the management and maintenance of the building as a whole entity. Why does it matter? The division may but need not be effected— a by conveyance, transfer or partition, or b by any agreement, dealing, plan or instrument rendering different parts of the land available for separate occupation, use or disposition.
A stratum is essentially the plural of a strata The meaning of stratum can vary fom state to state so you will need to indicate which state you are referring to. Click to expand Open cheers ani. Company Share This type of ownership, generally found with older style unit developments, is where a company is formed and an individual owner only owns shares in the company and the ownership of these shares entitles exclusive occupation of a part of the building and the land.
The shareholders may decide on rules such as the right to sell or lease or transfer a particular share holding or right to occupation. Financial and lending institutions are less likely to lend on this type of property as they are lending on shares rather than Real Estate. Stratum Title This type of Title was introduced by the Government to overcome some of the short comings with company share ownership. A Stratum Title specifies that any owner is an absolute owner of the freehold of a particular property however the owner will also be a shareholder in a service company which manages, administers and maintains the common property or surroundings space of any particular development.
The service company holds the Title to the common property. The Title holder is free to dispose of their freehold as they wish but has responsibility to the service company in which they have shares. Strata Title With a Strata Tile it is possible to subdivide the air space above an area of land for example a flat or unit on a second, third or fourth floor in a block of flats.
This Title gives the sole right to a particular unit as well as the space enclosed by it. February 25, - am. Visit The Forums Help Needed! First Name required For correspondence purposes. Will not be visible to anyone.
Username required Used to log in to the website and for targeting with messages. Email Address required. Choose a Password required. Please tick the box below. Forgotten Password Cancel. Remember Me. Lost your password? History and Etymology for stratum New Latin, from Latin, spread, bed, from neuter of stratus , past participle of sternere to spread out — more at strew.
Learn More About stratum. Time Traveler for stratum The first known use of stratum was in See more words from the same year. Statistics for stratum Look-up Popularity. Style: MLA. English Language Learners Definition of stratum.
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