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STRATA SCHEMES DEVELOPMENT ACT 2015 - SCHEDULE 2

SCHEDULE 2 – Requirements for schedules of unit entitlement

(Section 4 (1), definition of "valuer's certificate")

1 Definitions

In this Schedule:

"market value basis" , in relation to the proposed unit entitlement of a lot or development lot, means the basis for determining the value of the lot or development lot prescribed by the regulations.

"valuation day" , in relation to apportioning unit entitlements, means the day prescribed by the regulations as the valuation day for the purposes of the clause in which the term is used.

2 Schedule of unit entitlement for strata plan

(1) A schedule of unit entitlement for a strata scheme that does not include a development lot must show as whole numbers:
(a) the aggregate unit entitlement of all lots, and
(b) apportioned on a market value basis at the valuation day and totalling the aggregate unit entitlement of all lots, the proposed unit entitlement of each lot.
(2) A schedule of unit entitlement for a strata scheme that includes a development lot must show as whole numbers:
(a) the aggregate unit entitlement of all lots, whether or not a development lot, and
(b) apportioned on the basis of land value (within the meaning of the Valuation of Land Act 1916 ) and totalling the aggregate unit entitlement referred to in paragraph (a):
(i) the proposed unit entitlement of each development lot, and
(ii) the aggregate proposed unit entitlement of all lots that are not development lots, being the unit entitlement attributable to the residue of the land in the proposed parcel, and
(c) apportioned on a market value basis at the valuation day and totalling the proposed unit entitlement of all lots that are not development lots, the proposed unit entitlement of each lot that is not a development lot.

3 Schedule of unit entitlement for strata plan of subdivision not involving common property or development lot

(1) A schedule of unit entitlement for a proposed strata plan of subdivision altering the boundaries of one or more lots to create only two or more different lots, other than a plan to which clause 5 applies, must:
(a) show the proposed aggregate unit entitlement, and
(b) show as a whole number the proposed unit entitlement of:
(i) each lot comprised in the parcel that is not a lot the subject of the proposed subdivision, and
(ii) each proposed lot.
(2) A number relating to a lot other than a proposed lot must bear to the proposed aggregate unit entitlement the same proportion that the unit entitlement of the lot bore, immediately before the plan was registered, to the aggregate unit entitlement.
(3) The sum of the numbers relating to the proposed lots must bear to the proposed aggregate unit entitlement the same proportion that the unit entitlement or the sum of the unit entitlements of the lot or lots the subject of the proposed subdivision bore, immediately before the plan was registered, to the aggregate unit entitlement.

4 Schedule of unit entitlement for strata plan of subdivision involving common property

A schedule of unit entitlement for a proposed strata plan of subdivision, other than a plan to which clause 3 or 5 applies, must:

(a) show the proposed aggregate unit entitlement, and
(b) show as a whole number the proposed unit entitlement, apportioned on a market value basis at the valuation day, of:
(i) each lot comprised in the parcel that is not a lot the subject of the proposed subdivision, and
(ii) each proposed lot, and
(c) be accompanied by a certificate under the seal of the owners corporation certifying that it has, by the special resolution referred to in section 55 (5) (a) or 59 (c), agreed to each proposed unit entitlement and the proposed aggregate unit entitlement shown in the schedule.

5 Schedule of unit entitlement for strata plan of subdivision for development lot

A schedule of unit entitlement for a proposed strata plan of subdivision for a development lot must show as whole numbers:

(a) the current unit entitlement of the development lot intended to be subdivided, and
(b) apportioned on a market value basis at the valuation day and totalling the unit entitlement of the development lot, the proposed unit entitlement of each lot or development lot to be created on registration of the plan.



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