Company title and stratum title do not involve an owners corporation (formerly body corporate) and so are not regulated by the Owners Corporations Act 2006. These forms of title are less common than strata title in Victoria.
Under company title, a property does not have a plan of subdivision but comprises a number of units. A company title corporation, established under the Corporations Act 2001, is the registered proprietor of the entire property (land and buildings). Buying shares in the corporation entitles each shareholder to exclusive use and occupation of a unit, and shared use of any common property.
Enquiries about company title corporations should be directed to the Australian Securities and Investments Commission (ASIC).
Stratum title pre-dates modern strata title subdivisions. Under stratum title, the property is subdivided into lots. Each unit owner is the registered proprietor of their lot and also holds shares in a service company established under the Corporations Act 2001. The service company owns and manages common property.
Enquiries about service companies should be directed to ASIC.
Buying into a company title or stratum title property
Buying into a company title or stratum title property is different from buying into an owners corporation. You should check the constitution of the company title corporation or service company carefully for any restrictions. You may also want to obtain independent advice to ensure you fully understand the legal and financial implications of buying into a particular property.