The Difference Between a Strata Lot, Common Property and Limited Common Property
One of the questions for our Strata Challenge Quiz at the 2023 Victoria Real Estate Board tradeshow was “What is the difference between a strata lot, common property and limited common property”. So this week, we thought we’d go over what each concept means.
Land registered at the Land Title Office can be subdivided in different ways. One of these is a “strata” subdivision, which is different than the “traditional” subdivision of land. A “strata development” allows the subdivision of a building, or sometimes land, into:
Strata Lots - Which are separate parts for individual ownership, and
Common Property - The rest of the property (and assets) shared and owned collectively by all the strata lot owners.
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