Strata Title - Tradução em português

So, they don't just own their own little apartment, they own a share in the whole building. Is that how it works? I know they can buy and sell their own apartment, but aren't there sort of strata title and committees that you sit on governing common and stuff like that?

Na verdade dai pra frente não entendi direito, principalmente o termo STRATA TITLE, aguardo esclarecimentos!