Western Australian Current Acts Western Australian Current Acts (1) A full proposal
for the termination of a strata titles scheme must —
(a)
include the material required to be included in an outline of a termination
proposal; and
(b) be
accompanied by the approved plan of subdivision for the proposal; and
(c)
describe, in detail, what is proposed in terms of contracts to be offered to
owners of lots, including —
(i)
contracts for the sale and purchase of lots before
termination of the strata titles scheme, including —
(I) the name and address of any buyer; and
(II) the purchase
price or a description of how the purchase price is to be determined; and
(III) the terms and
conditions of the contracts for sale and purchase, including proposed
settlement dates, or a description of how those terms and conditions are to be
determined; and
(IV) any deductions
proposed to be made out of the purchase price or a description of how those
deductions are to be determined;
and
(ii)
contracts under which the owner of a lot acquires an
interest in land in exchange for the lot, including —
(I) the choices available to owners or the
basis for determining those choices; and
(II) the interests in
land proposed to be acquired by the owners; and
(III) other terms and
conditions of the exchange;
and
(iii)
contracts under which the owner of a lot is to have an
interest in the land on termination of the strata titles scheme or is to have
a right or option for the acquisition of an interest in the land following its
subdivision or development;
and
(d)
describe, in detail, what is proposed to happen on termination of the strata
titles scheme in terms of the discharge, withdrawal, removal or bringing
forward of registered mortgages over the lots and other estates and interests
in a lot or common property in the scheme that are registered or recorded in
the Register; and
(e)
describe, in detail, what is proposed to happen on termination of the strata
titles scheme in terms of the contractual rights of occupiers of lots or
common property in the scheme; and
(f)
describe, in detail, what is proposed in terms of subdivision and development
of the land following termination, including —
(i)
plans for demolition; and
(ii)
plans for subdivision; and
(iii)
architectural plans for development;
and
(g)
describe the planning approvals required for the proposal described under
paragraph (f) and the extent to which the proposal does not comply with a
relevant planning scheme or interim development order in force under the
Planning and Development Act 2005 ; and
(h)
indicate, in detail, the stages and timeframes proposed for progress of the
proposal if it proceeds, including expectations for when vacant possession of
lots and common property will be required; and
(i)
describe any proposals for the temporary relocation of
owners of lots, including any payments proposed to be made to owners to enable
them to arrange temporary relocation; and
(j)
include a statement obtained from the strata company of —
(i)
its current assets and liabilities; and
(ii)
any legal proceedings or pending legal proceedings to
which the strata company is or proposes to become a party;
and
(k)
specify the steps that will be taken to wind up the strata company, including
for the realisation of assets and the discharge or transfer of liabilities for
termination of the scheme; and
(l) any
other information required by the regulations.
(2) A full proposal
must incorporate a report (a termination infrastructure report ) comprised of
—
(a) a
report of a structural engineer on the state and condition of each scheme
building and the infrastructure on the common property in the strata titles
scheme; and
(b) a
report of a person of a class specified in the regulations on the scope of
works reasonably required to repair or replace the scheme buildings or
infrastructure taking into account the report of the structural engineer; and
(c) a
report of a quantity surveyor estimating the cost of the works identified in
the report under paragraph (b).
(3) A full proposal
must incorporate a report (a termination valuation report ) prepared and
certified by a licensed valuer setting out a valuation of the market value of
each lot in the strata titles scheme.
(4) The regulations
must prescribe matters relating to the determination of the market value of a
lot for a termination valuation report, including a valuation methodology that
takes account of —
(a)
relevant recent sales history; and
(b) the
highest and best use of the lot; and
(c) the
value attributable to the owner’s interest in the common property of the
strata titles scheme.
(5) The valuation must
be current as at a date that is not more than 21 days (or, if some other
period is specified in the regulations, that period) before submission of the
full proposal to the strata company.
(6) A person must, in
preparing or certifying a termination infrastructure report or termination
valuation report, comply with the requirements of the regulations.
(7) This section does
not limit the matters that can be included in a full proposal.
(8) The terms of a
termination proposal set out in the full proposal are in substitution for the
terms set out in the outline of the termination proposal.
(9) A full proposal,
including the termination infrastructure report and the termination valuation
report must be in the approved form.
[Section 179 inserted: No. 30 of 2018 s. 83.]