(1) On registration of
a freehold scheme —
(a) the
title to the parcel of land that existed immediately before registration of
the scheme ceases to exist; and
(b) the
certificate of title for the parcel must be cancelled under the
Transfer of Land Act 1893 .
(2) On registration of
a leasehold scheme —
(a) the
fee simple of the parcel of land subdivided by the scheme is divided into the
strata leases and a reversionary interest in the parcel that reverts to the
owner of the leasehold scheme on the expiry or termination of the scheme; and
(b) the
certificate of title for the parcel must be endorsed accordingly under the
Transfer of Land Act 1893 .
(3) On registration of
a strata titles scheme or an amendment of a strata titles scheme to give
effect to a subdivision of land —
(a) the
relevant lots are created, cease to exist or are varied as required by the
subdivision; and
(b) if a
lot in a leasehold scheme ceases to exist, the strata lease for the lot is
extinguished; and
(c) the
relevant common property (if any) comes into existence, ceases to exist or is
varied as required by the subdivision.
(4) A scheme document,
or an amendment of a scheme document, has effect from when it is registered or
recorded by the Registrar of Titles.
[Section 57 inserted: No. 30 of 2018 s. 83.]
[Former section 57 renumbered as section 84 and relocated to Part 5 Division
4: No. 30 of 2018 s. 84.]