Unit Title Subdivision
A unit title subdivision is a form of subdivision that’s undertaken for specific types of projects, typically covering the creation of ownership rights of an apartment complex in which titles are defined in the vertical and the horizontal. A unit title development is also sometimes known as a strata title.
Under a unit title subdivision, you own a principal unit such as an apartment, and any accessory units like garages, car parks, private use areas, and storage areas. You also own an undivided share of all the common property in the complex, which might include driveways or courtyards.
Unit titles were initially designed to create better structure around the management of these common areas, which are held in joint ownership. This structured management is achieved by implementing a body corporate and levying maintenance fees from all leaseholders.
Looking to buy a unit title?
If you’re looking to buy into a unit title subdivision, there are a few things you should know first. Unit Title Services provides some great information around unit titles, and covers your obligations around body corporates: you can read more here.
What are the advantages of a unit title subdivision?
Unit title developments offer developers far greater flexibility and security in creating fee simple titles for multi-level properties. The flexibility of unit plans and the establishment of a body corporate benefits leaseholders by managing the ongoing maintenance of the property and common areas for years to come.
Furthermore, according to the Unit Titles Act 2010, you have certain rights as a unit owner; you can attend body corporate meetings, have rights to have your disputes resolved, and have the right to quiet enjoyment of your unit. On the other hand, you will also have certain responsibilities and obligations, such as alerting the body corporate if you plan on making alterations or additions to your property, and a responsibility to repair and maintain your own unit.
Want to know more?
To see if a unit title development is right for your project, or you need expert, professional help with unit title plans, please contact our team today.