#20624
scotlandx
Strataguru

    The proceeds are determined by the unit entitlements – the share/interest of each owner in the strata scheme is reflected in their unit entitlement, and that extends to the common property.

    In terms of the legal position re common property – it’s complicated but basically the owners corporation holds the common property as a whole on trust for the owners, each owners’ interest in it being reflected in their unit entitlements. 

    So for example if you have a strata scheme with 10 owners all with equal entitlements and the property is sold for $10million net of costs, then each owner receives $1million.

    It’s interesting that your units are different sizes but the same entitlements – but note that lot entitlements determined on value rather than size, or rather they are meant to be.