unit entitlements - changes to
Changes may be made to the unit entitlements of a strata scheme in several ways.
Upon registration of a strata plan of subdivision or consolidation the schedule of unit entitlement must include the new lots. The sum of the unit entitlements for the new lots must equal the sum of the unit entitlements of the previous lots.
When a strata plan of subdivision involves common property it is permitted to alter the unit entitlements for all of the lots in the scheme and change the aggregate. This will require the completion of the valuer’s certificate and the provision of Approved form 11 indicating the owners corporation has passed a special resolution agreeing to the changes.
An order may be made by the Civil and Administrative Tribunal to reallocate the unit entitlements of a scheme if at the time the plan was registered they were unreasonable or over time they became unreasonable. See section 236 Strata Schemes Management Act 2015. The changes to the schedule of unit entitlement on the Register will Require the lodgment of an Order affecting a strata scheme (Form 15SO).
Upon registration of a Notice of Conversion of Strata Lot to Common Property (Form 15CD) the unit entitlement for the lot will be removed and the aggregate will be reduced by that amount. At the conclusion of a development scheme the owners corporation may consider that the schedule of unit entitlement does not reflect the market value of the lots, a revised schedule a revised schedule of unit entitlement may be lodged. A certificate signed by qualified valuer certifying that the unit entitlements of the lots are apportioned on a market value basis see Approved Form 18. See section 90 Strata Schemes Development Act 2015. A Request form 11R should be lodged.