Application of provisions of Act to common property
41C Application of provisions of Act to common property
In this Act, a reference to a lot is taken to include a reference to common property.
However, subsection (1) has effect only to the extent necessary to allow for the registration, and appropriate recognition under this Act, of dealings that—
affect common property (including dealings affecting interests in common property); and
are consistent with the BCCM Act.
In particular, subsection (1) has effect subject to the following principles—
• there can be no registered owner for common property (although the body corporate for the community titles scheme that includes the common property is taken to be the registered owner for dealings affecting the fee simple interest in the common property)
• the fee simple interest in the common property for a community titles scheme can not be the subject of sale or transfer (although a part of the common property might be the subject of transfer after the registration of an appropriate plan of subdivision and the recording of a new community management statement)
• the fee simple interest in common property can not be the subject of a mortgage (although a lesser interest able to be created over common property, for example, a lease, might be the subject of a mortgage).
Without limiting subsections (2) and (3), subsection (1) has no application for the purpose of the following provisions—
• this Act’s definition of lot
• division 2.
This Act’s bill:Explanatory memorandum
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