Need urgent help to understand this plan

[vsdabhi]

Hi Everyone,
I am interested to buy a property. It is survey strata subdivided. Please see the attachment, it shows 92m2 CP3 that is common for both lots. How can bemanaged? I am interested in front property 370m2. If I buy it, do I need to pay for that 92m2 area's road or concrete work?
Please help.
Thanks

 

[Rockstar]

If I buy it, do I need to pay for that 92m2 area's road or concrete work?
Please help.
Thanks

You pay for the front property - which includes the use of common areas. The common areas are maintained and insured by the body corp and you have the right to use them. Read the body corp laws regarding how the property is to be managed and what your annual fees cover.

 

[Aaron Sice]

you pay for half of everything to do with the CP area because there's only two lots sharing it.

as such, you'll be paying half the value of it as well.

that said, over 2 lots there shouldn't be the need for a bodycorp....? or you can hold an AGM between yourself and lot 2 and resolve to dissolve the bodycorp.

 

[Rockstar]

that said, over 2 lots there shouldn't be the need for a bodycorp....? or you can hold an AGM between yourself and lot 2 and resolve to dissolve the bodycorp.

In NSW you cannot legally do this BC. You must have a body corp with AGM, strata insurance, etc - though it can be kept very simple without the need for sinking fund, admin fund, and can be self administered between the two owners.
Maybe WA is different?

 

[vsdabhi]

Thanks,
I dropped my plan to buy it because of too many questions raised.
Driveway, damage to services, maintenance, Public liability insurance, land scaping and I don't know..............
Thanks for help.

 

[Aaron Sice]

In NSW you cannot legally do this BC. You must have a body corp with AGM, strata insurance, etc - though it can be kept very simple without the need for sinking fund, admin fund, and can be self administered between the two owners.
Maybe WA is different?

i was under the impression that under the titles act of 1954 (ish? - pulling that one off the top of my head) all the owners can get together and vote on dissolving the BC.

there needs to be a stat-dec signed that all parties will come to the party should anything fail though.

happy to be corrected, though.

maybe NSW has extra-over legislation preventing this...?