Unit question

Looking at a unit. Just found out it is actually one of 4 not one of 2 as the block has two houses that are accessed from the rear street. The two units incorporating the one I am looking at have a common property area which is the driveway and parking and the garages share a wall and flat roof. There is no strata or body corp. rea said each owner just pays their own insurance. Unit is in Vic. Is this normal? Should there be a body corp? If it says lot 1 of - does that mean it is not its own title?
Hoping someone who has purchased a unit can help me out.
 
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