sec.35Ownership of common property

sec.35 Ownership of common property

Common property for a community titles scheme is owned by the owners of the lots included in the scheme, as tenants in common, in shares proportionate to the interest schedule lot entitlements of their respective lots. Subsection (1) applies even though, under the Land Title Act , the registrar creates an indefeasible title for the common property for a community titles scheme. An owner’s interest in a lot is inseparable from the owner’s interest in the common property. A dealing affecting the lot affects, without express mention, the interest in the common property. An owner can not separately deal with or dispose of the owner’s interest in the common property. If the occupier of a lot is not the lot’s owner, a right the owner has under this Act to the occupation or use of common property is enjoyed by the occupier. The way the body corporate for a community titles scheme ( scheme A ) may enjoy the occupation and use of the common property for a community titles scheme for which scheme A is a subsidiary scheme is subject to the community management statement for each scheme for which scheme A is a subsidiary scheme. If a body corporate is authorised under this Act to enter into a transaction affecting common property, it may enter into the transaction, and execute documents related to the transaction, in its own name, as if it were the owner of an estate of fee simple in the common property. s 35 amd 2003 No. 6 s 3 sch (sec.35-ssec.1) Common property for a community titles scheme is owned by the owners of the lots included in the scheme, as tenants in common, in shares proportionate to the interest schedule lot entitlements of their respective lots. (sec.35-ssec.2) Subsection (1) applies even though, under the Land Title Act , the registrar creates an indefeasible title for the common property for a community titles scheme. (sec.35-ssec.3) An owner’s interest in a lot is inseparable from the owner’s interest in the common property. A dealing affecting the lot affects, without express mention, the interest in the common property. An owner can not separately deal with or dispose of the owner’s interest in the common property. (sec.35-ssec.4) If the occupier of a lot is not the lot’s owner, a right the owner has under this Act to the occupation or use of common property is enjoyed by the occupier. (sec.35-ssec.5) The way the body corporate for a community titles scheme ( scheme A ) may enjoy the occupation and use of the common property for a community titles scheme for which scheme A is a subsidiary scheme is subject to the community management statement for each scheme for which scheme A is a subsidiary scheme. (sec.35-ssec.6) If a body corporate is authorised under this Act to enter into a transaction affecting common property, it may enter into the transaction, and execute documents related to the transaction, in its own name, as if it were the owner of an estate of fee simple in the common property.