Strata Schemes Development Act 2015

This section applies if the court makes an order giving effect to a strata renewal plan for a collective sale of a strata scheme.

The owner of each lot in the strata scheme must sell the owner’s lot in accordance with the strata renewal plan and the order.

The strata scheme is terminated on—

the day on which all the dealings effecting the transfer of all lots and common property in the scheme are registered, or

if the order specifies a later day for that purpose—the later day.

On termination of the strata scheme—

the owners corporation is dissolved, and

the rights and liabilities of the owners corporation vest in the purchaser, unless the order otherwise provides, and

any legal proceedings begun by or against the owners corporation may be completed by or against the purchaser, and

the purchaser must give the Registrar-General notice of the termination in the approved form.

On receiving the notice, the Registrar-General must—

cancel the folios for the lots and common property in the strata scheme, and

create a folio for the land in the former parcel, and

record in the Register the matters the Registrar-General considers appropriate to give effect to the order.

A lease of a lot in the strata scheme is terminated on the day stated in the strata renewal plan for giving vacant possession of the lot to the purchaser or on such later day as may be specified in the order.

Subject to this Part, the termination of a lease under this section does not affect a right or remedy a person may have under the lease.