All about âȘ#âSTRATA⏅
In laymanâs terms, a strata title is the proof of ownership. It entitles you to certain privileges and eases further transactions you choose to make with your property. It is like a receipt you get when you purchase a new pen. Anyone who tries to use the term âfinders keepers, loserâs weepersâ upon getting a hold of your pen would have to keep mum once you show them the receipt.
With a strata title the developer gives up their lease over the property youâve purchased, enabling you to sell it, form a residential committee and manage your propertyâs maintenance management.
Without the strata title, you will not be able to do any of the above. You can sell your property but be prepared to fork out a substantial amount for stamping duties and developersâ âconsent feesâ as well go through extensive time consuming bureaucratic hassles.
Strata title usually applies to flats, apartments and condominiums. It is a document that specifies you as the owner on a stratified space and enables you certain privileges along with it.
If the above is not convincing enough in terms of its importance, here are more reasons:
As ultimate proof of ownership.
As a dealing instrument for instances of charging to banks for loans.
To facilitate disposal should they wish to sell so that they will not be imposed âconsent feesâ by the developer.
To be able to initiate and get involved when the Management Corporation (MC) is formed by owners of the units in the subdivided building to maintain and manage the property.
As final proof of the built-up area of the unit and ultimately, the apportionment of the share in the total aggregate units.
As long as strata titles have not been transferred, the property is still owned by the developer.
Should a project be orphaned (as when the developer goes under liquidation or becomes insolvent) before strata titles have been obtained, the unit owners will have to go through a lot of trouble or might eventually have to pay for the application of the strata titles themselves.