Real Estate Terminology 101: Strata
Strata is a kind of ownership of a property where the unit (i.e. condo or townhome) is owned exclusively but within the context of common (shared) property. This contrasts with the freehold ownership someone will have when buying a typical house.
In the case of a typcial condo, the interior of the unit is privately owned and maintained by the owner but the hallyways and exterior of the building are maintaing by the strata corporation. That is, the entity that exists to manage and maintain the complex. In almost all cases a monthly strata fee to pay for all of these things will be required. What those fees actually pay for will vary from strata to strata.
In practice, this means that as an owner you will have to share the decision making process of the common property with the other owners in the complex. It also means that you will have much of the property’s maintenance handled for you.