Specialist management for Company Title, Stratum Title, Lease Hold and Co-operative properties — plus strata conversion services.
Unlike Strata Title, which is governed by the Owners Corporation Act, Company and Stratum Title properties have Service Companies with their own rules called a Memorandum and Articles of Association. The company is registered with ASIC, and every owner is allocated shares. It will have a minimum and maximum number of Directors as stated in the Memorandum, with a board of Directors and an elected Chairman.
It is very important at settlement that the purchaser instructs their conveyancer or lawyer to complete a transfer of shares form and present it to the Owners Corporation manager to activate the transfer.
The majority of Company Title properties pre-date 1961. The company is registered on the certificate of title as the sole owner of the land which has a group of units. Buying shares entitles the shareholder to exclusive use and habitation of their unit and use of common property.
Buying shares in Stratum Title entitles the shareholder to the use of common property, while each unit or flat has its own freehold title — providing a layer of individual ownership alongside the shared company structure.
Ownership under Lease Hold originates from being the registered owner of a share of the land that holds the group of units. The right to occupy is derived from the shareholding rather than a separate title.
A housing co-operative is a legal entity that owns real estate on a membership basis, with members granted shares in the co-operative. Similar to Company Title, each shareholder is granted the right to occupy one of the housing units. Information is lodged with Consumer Affairs Victoria.
Owning a Strata Title property gives you an official title of real estate — unlike Company Title, Co-operative or Lease Hold properties where you own a share in the Service Company granting access to your property.
All non-strata property types are more complex and not as widely accepted by banks as security for a home loan, generally requiring a larger deposit.
Whether you need ongoing management or are considering strata conversion, we can guide you through every step.
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