The Strata Scheme, is a branch which is part of real estate and property law practiced in Australia. Under a Strata Scheme an individual may purchase part of a building, or a ‘lot’ consisting of multiple buildings such as flats and apartments, however the essence of owning property through a strata scheme is that an individual would be allowed to obtain full ownership to part of a property while they would be sharing the rest of the ownership in a common ownership, which is held by a legal entity named the Owners Corporation.
This method of ownership through this scheme was introduced in recent times, as an answer to the many persisting issues that were brought about by the previous method of sharing ownership, which was by an ownership via a company title, this method became unsuccessful when people were pressured with the burden of mortgages and loans. In a state with a traditional legal framework, the purchasing of property could be finalized by a lawyer specializing in civil matter, commercial law and property or real estate lawyers, however in a situation of purchasing property which could be of either for residential or commercial purposes through a Strata Scheme.
Subsequently an individual purchasing a building would be sharing his ownership with the Owners Corporation, in securing their definite share of the property an individual may be required to subsequently consultation of both a traditional property lawyer representing his side of the bargain and a Owners Corporation Lawyers Melbourne who will represent the negotiations proposed by the individuals in the common ownership under the Owners Corporation. After obtaining ownership of properties shared along with an owner’s corporation, an individual would follow and by default become a member of an owner’s corporation, and subsequently this would hold such individual responsible and accountable for legal and financial responsibilities to the owner’s corporation. One of the main advantages of obtaining property under the scheme is that, members of an owner’s corporation must be accountable to certain responsibilities.
There are certain barriers and knowledge restrictions which you have to overcome when working with professionals in this industry, it doesn’t matter if you dealing with conveyancing lawyers Melbourne there are many different types of lawyers working to serve a very unique service by each of them. Therefore, you have to be mindful of how to select the right service to help you out without having your time wasted.
When an agreement is reached by both parties during such a contact the next best step to be taken would be to obtain a valid instrument outlining the matter which is being agreed upon. The category of lawyers who are to be consulted for the particular task, are usually referred to as lawyers in conveyancing.Continue Reading