New South Wales Consolidated Acts

STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 76

76 Form and content of strata development contract

(1) A strata development contract must be in the approved form.

(2) A strata development contract must include--

(a) a concept plan that complies with section 77, and

(b) a description of the following--

(i) the land comprising the parcel, identifying separately the development lot or lots,

(ii) any land proposed to be added to the parcel at a later time,

(iii) any part of the common property in relation to which the developer is to have a right to occupy to carry out the proposed development,

(iv) any part of the proposed development that the developer is permitted by the contract to carry out and may be compelled to carry out (identified in the contract as "warranted development--proposed development subject to a warranty"),

(v) any part of the proposed development that the developer is permitted by the contract to carry out but cannot, merely because it is described in the contract, be compelled to carry out (identified in the contract as "authorised proposals--proposed development not subject to a warranty"), and

(c) any other information or document prescribed by the regulations.

(3) A strata development contract must predict a time, not more than 10 years after the day on which the contract is registered, for the conclusion of the development scheme to which it relates.

(4) A strata development contract that relates to development of a part strata parcel must include a description of the part of the building and its site outside the part strata parcel.

(5) A strata development contract cannot provide for the subdivision of common property in a strata scheme without the consent, by special resolution, of the owners corporation.