Generally the way it works is you pay quarterly fees which pay for maintenance of communal areas, building insurance, liability insurance, and repairs. The amount payable can vary depending on many factors, for example if there is a pool, gym , the size and age average here in Queensland is around $4000 up to $10,000 + per year
There is what is known as a body Corporate Committee which is made up of owners who decide on all mattes , agree budgets ect, most are run by strata management companies (who charge a fee) who will communicate via the Body Corporate.There is usually a general meeting every year.
The key thing when buying a strata property is to check recent minutes of annual meeting, look at the financial records to check sink fund payments ect this gives an indication on how well run the development is. If you buy via a real estate agent they have to disclose this information to you, its usually on display at a home open.
So the key difference is you are an active participant and not just giving money to a leasehold company for whom its about making money.