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Topic
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Do you need 100% or 75% approval, to knock down a common wall and amalgamate two units?
Do you need 100% or 75% approval, to purchase common property from the strata?
How is the value of the common property calculated?
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Replies
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To knockdown the common property wall needs a special resolution. Not more than 25% of votes cast against the motion. You would also need a bylaw.
To purchase common property from the OC would also require a special resolution.
But along with that you would need to have the strata plan altered which means a survey, a new strata plan, alteration of unit entitlements. That’s not a cheap excercise and each step requires a special resolution. You would also engage a valuer to determine the value of the transferred property, payable to the OC.Most people would enter an exclusive use by law, giving you exclusive use of common property. You also agree a form of payment, often a yearly sum representing the “rental” value of the acquired property.
How is the value of the common property calculated?
Do you mean the wall that you are removing? If so I would think it would be nominal as you are (or should be) taking responsibility for all common property affected by the amalgamation, while the dividing wall may have no intrinsic value on its own.
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