Unit Entitlements and Common Property Ownership

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  • 10/01/2014 at 12:22 am #9300 Reply | Quote
    DrBob

      Our owners corporation is looking at selling the entire block and we are reaching the difficult negotiation of how the sale proceeds would be split.  Although each of the units are different sizes all units have the same unit entitlements.  It has been like this for the life of the units.

       

      As the entire block is being sold including common property my question is does the unit entitlement represent a legal share of the common property?  There seems to be no legal definition for how a strata plan is split when it is extinguished, but it would be useful to clarify whether unit entitlement grants legal ownership of a share of common property.

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    Reply To: Reply #20696 in Unit Entitlements and Common Property Ownership
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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