Strata versus bare land strata - what is the difference?
A client of mine asked me "What is the difference between strata and bare land strata?" That is a question that comes up a lot these days as we see more and more bare land strata developments.
I visited the Talk Strata site and this is how they have explained the difference:
"Bare land strata is governed by The Bare Land Strata Regulations and refers to the subdivision of land into strata lots and common property. In a normal strata all of the lots share land and walls, as well as common property. In a bare land strata each lot is individual and may house a single family self-contained dwelling.
Often a developer will create a bare land strata and sell the lots. The bylaws may stipulate rules that govern size, style or color of the units to be built. The developer may provide common facilities like recreation rooms, barbeque sites, roads, etc.
The common assets become the responsibility of the owners to maintain. Strata fees are commonly charged in bare land strata's to maintain the common property. Usually these strata fees are lower than a normal strata property as the fees do not cover maintenance of individual dwellings. In a normal strata property, the strata uses fees to replace the roof, paint the exterior, and pay for common utilities and general maintenance of the entire property."
In bare land strata there are individual assets which would be your home. There are also shared assets which would be streets, sewer, water, power lines and street lamps.
If you are interested in learning more about Strata and bare land strata please give me a call.
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