Leased land properties?

[Phiber]

Hi guys,

I have a quick one for you:have you ever heard of properties being under leased land conditions?
The reason I am asking is as I was daydreaming the other day, I was thinking who actually owns the land below the couple of strata units I own? My understanding is I own the airspace between the floor, ceiling and walls, but what about the land itself? I would think it's owned by the owners corp and that I own a share of it.

Do I get this right?
Pretty basic stuff but got me thinking... Keen to hear your thoughts.

Cheers

 

[handyandy]

Hi guys,

I have a quick one for you:have you ever heard of properties being under leased land conditions?
The reason I am asking is as I was daydreaming the other day, I was thinking who actually owns the land below the couple of strata units I own? My understanding is I own the airspace between the floor, ceiling and walls, but what about the land itself? I would think it's owned by the owners corp and that I own a share of it.

Do I get this right?
Pretty basic stuff but got me thinking... Keen to hear your thoughts.

Cheers

Your lot will have been allocated a number of unit entitlements out of a total number of unit entitlements for the whole strata plan (a block can have more than one strata plan).

This number of unit entitlements out of the total is your share not only in the unit you occupy but also all common property (the land is part of the common) that is encompassed in the strata plan.

Further, this number of unit entitlements also determines your share of the strata expenses.

Cheers

 

[Tillie]

Who pays council rates and possible land tax? The owner of the unit entitlements calculated based on the owner's share of the units entitlements out of a total number of unit entitlements for the whole strata plan. Or is it the body corporate's responsibility to pay council rates and the land tax?

 

[handyandy]

You pay the council rates and also any assessed land tax based again on you portion of the land based on the unit entitlements.

The strata (via your contributions) will pay for the insurance for the whole block. This does not include your contents just the structure.

Cheers

 

[Phiber]

Great, thanks guys