11 Freehold Strata Terms To Know

What Is A Freehold Strata Property?

A freehold strata property can be a condo, townhouse, duplex, or even in a single family home in a bare land strata corporation

A strata council can pass rules to regulate the use, safety, and conditions of common property and common assets

1. Rules

Terms To Know

A strata corporation must have bylaws. For instance, rental limitations or pet restrictions are examples of bylaws

2. Bylaws

The schedule of unit entitlement is used to determine how much an owner will pay in monthly strata fees

3. Schedule of Unit Entitelment

Strata owners are required to contribute, through a monthly strata fee, their strata lot's portion towards the operating fund and contingency reserve fund

4. Strata Fees

The purpose of a contingency reserve fund is to allow a strata corporation to plan for major repairs or replacements

5. Contingency Reserve Fund

A depreciation report summarizes the strata corporation's common property and assets. It includes financial forecasting projections over a 30 year timeline

6. Depreciation Report

If a major unexpected repair or replacement is needed then a strata corporation may raise money from the owners through a special levy

7. Special Levy

The strata lot is the area that belongs to the individual strata owner

8. Strata Lot

Common property includes the building areas that are not the strata lot or designated as limited common property. For example, elevators or amenity rooms

9. Common Property

Limited common property is common property designated for the exclusive use of the strata lot owner. For example, a parking stall can be limited common property (LCP)

10. Limited Common Property

Short term exclusive use refers to when an owner is allowed to use common property for a specified period of time

11. Short Term Exclusive Use