What Are The Risks To Consider Before Purchasing A Strata Property?

In the Cayman islands, a strata property is managed on a day-to-day basis by the strata corporation, which is made up of the individual unit owners within the development. The strata corporation is responsible for overseeing the operation and maintenance of the common areas and amenities, and for making decisions about the development.

What do strata corporations do?

Strata corporations typically hold regular meetings, where unit owners can discuss and vote on important issues related to the development, such as budgeting, repairs and maintenance, and new rules and regulations. The strata corporation may also appoint a management company or a property manager to handle the day-to-day operations and maintenance of the development, but they don't have to.