Ownership of or interest in a unit within a larger building or complex of buildings, usually coupled with an undivided interest in a proportion of all common areas.
This type of property ownership was first used in Australia in the early 1960's. Strata title began as a form of ownership for buildings with multiple levels or floors, such as condominiums or apartments. It has since been expanded to include most multi-family complexes, even if they have only one story or floor (such as townhouses). With strata title, the property owner has title to the space within the walls of his or her particular unit, as well as an undivided interest in a proportion of all common areas. Strata title has replaced company title in most areas where it exists.
Added: Tue May 13 2008
Last Modified: Wed Jul 02 2008