A property developer wants to create a residential complex with individual ownership of apartments and shared ownership of facilities. Which type of title arrangement would be most appropriate?
Correct Answer
B) Strata title scheme
A strata title scheme is the most appropriate arrangement for apartment complexes where individuals own their units and share ownership of common areas like lobbies, pools, and gardens. This allows for individual ownership while facilitating shared responsibility for common facilities and building maintenance.
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A property developer wants to create a new strata scheme for a 20-unit apartment building. Which document must be registered to establish individual lot ownership?
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A property developer wants to create a residential complex with individual ownership of apartments and shared ownership of common areas. Which type of title would be most appropriate?