In the video Michael Vumbaca, General Manager at Jamesons defines strata.
Video Transcript
Strata for the inexperienced can be really confusing, so I will break it down into a few key areas:
Firstly when you buy into a strata, also known as a body corporate or owner’s corporation, you form part of the legal entity of that building so you are one of the owners of all the common areas within the building (things like stairwells and gardens).
When you purchase a unit you essentially buy also what is known as a lot, and as a lot owner you form part of the broader body corporate in strata.
