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Before strata titles existed, most apartments were company title schemes. Many survive today despite the generally perceived advantages of strata tit
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I’d just sound a note of caution regarding company title. If you think a rogue strata committee or manager can wreak havoc, a rogue board of directors can do worse with their unfettered power to make ‘house rules’.
With no general meeting approval. No requirement that rules aren’t oppressive.
A (real) example: prohibit any kitchen or bathroom renovations in the name of ‘heritage’ – after the directors have done their own renovations.
And, as noted in the article, any serious dispute has to go to the Supreme Court.
This cuts both ways, as a rogue resident can be equally challenging.
It was such a relief to sell up and move out of my Company Title unit in Sydney. It had a Chairman and self appointed Board of Directors who were all old people on the old age pension, who knew nothing about Corporations Law and the convening of meetings and the running of a company. Frankly they couldn’t run a ‘chook raffle in a corner pub’.
I would never buy into a company title apartment complex again!
Thank you, for that very interesting article, here in Victoria we are seeing an increase in build-to-rent apartments, perhaps an article on the pros and cons on this would be interesting, especially for older people who could live comfortably without the problem of strata issues.