Thursday 26 February 2015

Strata is Not Just For Condos

Most people associate the term Strata with condos and strata councils. But strata can have a place even in remote and recreational properties.

When developers purchase a large piece of land and decide to subdivide it into smaller lots they can create individual fee simple lots, just like your average residential lot. Or they can create what are called Bare Strata Lots.

Chatham Channel Lots 

As the name implies, these lots have no buildings on them (thus bare land). The subdivision will have been created with a common property that is shared equally among the property owners. Some developers will create strata rules (Bylaws), some will not. A common access point is also included in the development.

It is good to be aware of what type of title you are looking at, as strata can mean additional fees or rules. It can also however mean access to some larger common areas which can be an attractive bonus. Also fee simple non-strata remote properties  can be governed by a development plan which can restrict what is allowed on the property (again just as residential properties can be).

It's a Coastal Lifestyle ... Pass It On!

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