› Flat Chat Strata Forum › Buying and Selling › Selling a portion of our title › Current Page
06/11/2013 at 5:58 pm
#20068
stratatart (and interesting handle) – It’s a matter of assessing whether the costs and effort of off-loading your Owners Corporation’s “maintenance headache” can off-set the long-term benefit, but here’s a precis of the procedure:
- All Owners need to agree to the proposal via a unanimous resolution at a General Meeting.
- A Registered Valuer then needs to determine the value of the lap-pool, its fixtures and fittings, the surrounding area, then calculate a revised unit entitlement (U/E) and therefore levy contribution for now more expansive Lot, and incorporate that into a revised Aggregate U/E for the Plan – recognising that the U/E of other Lots may also require some concurrent amendments.
- A Registered Surveyor then needs to prepare a Plan of Strata Sub Division showing the reduction to the Common Property and the extent of new (more expansive) Lot.
- The Valuer’s Report and the Surveyor’s Plan then needs to be submitted to NSW Land & Property Information (incorporating the former Land Titles Office) for Registration of the changes to the Common Property, to the Owner’s Lot, and to update the Strata Title Plan to reflect all of that.
As I said, your O/C and the benefiting Lot Owner needs to weigh-up the costs and the longer-term benefits of the proposal, recognising that those costs should at least be shared equally between the parties.