New South Wales Consolidated Acts

STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 24

24 Effect of creation of common property by registration of plans or notices

(1) This section applies if common property in a strata scheme is created by registration of a strata plan, strata plan of subdivision or notice of conversion.

(2) On registration of the plan or notice, the common property--

(a) vests in the owners corporation of the strata scheme, and

(b) is freed and discharged from any mortgage, charge, covenant charge, writ or caveat affecting the land, and

(c) if the common property is land in a freehold strata scheme--is freed and discharged from any lease affecting the land immediately before registration of the plan or notice, other than a lease that is necessary for the purpose of providing a service to the scheme.

(3) The Registrar-General must, on registration of a strata plan, create a folio for the estate or interest of the owners corporation in the common property.

(4) Subsection (2) does not affect a right or remedy that may be exercised otherwise than in relation to common property by a person who is a mortgagee, chargee, covenant chargee, lessee, judgment creditor or caveator, even if the person signed or consented to the registration of the plan or signed the notice creating the common property.