Using a strata subdivided building as a typical

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Unformatted text preview: ement Act 1996 Unit Titles Act 1975 Queensland Building Units & Group Titles Act 1980 Body Corporate & Community Management Act 1997 South Australia Strata Titles Act 1988 Tasmania Strata Titles Act 1998 Victoria Owners Corporations Act 2006 Western Australia PROPERTY AND MORTGAGES New South Wales Northern Territory Strata Titles Act 1985 RISK MANAGEMENT ALERT A strata plan can be registered only in respect to Torrens Title land. Using a strata subdivided building as a typical example, the building is subdivided into lots that are usually referred to in normal conversation as units. • A separate folio is created for each lot and a Certificate of Title is issued to each registered proprietor. • When the building is subdivided there will be portions that are not included in the lots. This residue is referred to as ‘common property’. • Common property includes such things as hallways, stairwells, elevators, gardens, vehicle access and sometimes vehicle parking areas. •...
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