Car Space on Title /Exclusive Rights

From: Jay Hunter

Hi everyone,

From a valuation point of view what would be the difference between a car space being on Title and one being on Common Property where you have exclusive rights to it (only to be removed by a unanimous vote. I think this would mean you need to vote against yourself ?? seems silly).

I think on title would be better but I don't really understand the drawback of exclusive rights (given you are not going to vote against yourself??) Am I missing something ?

Thanks for your help,
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Reply: 1
From: Paul Zagoridis

Jay This is not advice and I don't know for sure...

I think you'll find that those sort of votes are at a duly convened General Meeting of the body corporate. Once underway it requires the % of those present. You may not be present.

On title is preferable because it is part of your holdings with all the legal protections. Financiers prefer it and so should you. If it's not on the title it is "not quite" as good and your could negotiate a discount because of it. It isn't "as good as", if it was it would be on the title.

One tiny advantage of common property with exclusive use might be the body corp pays for the light bulbs (if any) and cleaning of the space.

Paul Zag
Oz Film Biz is at
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