The registered proprietors will contribute to these

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Unformatted text preview: The common property is vested in the owners corporation. • The owners corporation is comprised of all the registered proprietors of the lots in the strata (or building unit) plan. • The owners corporation is responsible for the management, control and administration, as well as the maintenance and repair, of the common property. • To cover any costs incurred with its obligations, the owners corporation will levy the registered proprietors to raise the funds. The registered proprietors will contribute to these levies in proportion to their unit entitlement. • The unit entitlement is a number set out in a schedule in the strata (or building unit) plan that is supposed to reflect the value of that lot in relation to all the other lots. ✘ REVIEW QUESTIONS 33.5 Distinguish joint tenancy from tenancy in common. 33.6 In the context of joint ownership, what is meant by ‘survivorship’? 33.7 Indefeasibility of title is usually considered the most important feature of Torrens Title. What is meant by indefeasibility of title? What is a mortgage? A mortgage is a tra...
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This document was uploaded on 04/23/2012.

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