7Schedules of unit entitlement

7 Schedules of unit entitlement

7 Schedules of unit entitlement

(1) A proposed schedule of unit entitlement in respect of a strata scheme must set out in a column each lot number in the scheme (or if the proposed schedule of unit entitlement relates to the subdivision of a development lot under section 14 of the Act—each lot number to be created by the subdivision) in numerical sequence with the unit entitlement for each lot set out opposite the lot number in a second column with the aggregate unit entitlement at the foot of that second column.

(2) If successively numbered lots have the same unit entitlement they may be grouped together in an abbreviated form.

(3) For the purposes of the definition of market value basis in Schedule 2 to the Act, the basis for determining the value of a lot or development lot is to estimate the amount for which the lot or development lot would be sold by a willing but not anxious seller to a willing but not anxious buyer.

(4) Valuation day means—

(a) for the purposes of clause 2 or 4 of Schedule 2 to the Act, a day that is not more than 2 months before the day on which an application is made under Part 4 of the Act for a strata certificate in relation to the relevant strata plan or strata plan of subdivision, or

(b) for the purposes of clause 5 of Schedule 2 to the Act, the day nominated as the valuation day in the original schedule of unit entitlement that accompanied the strata plan.