Community Titles Act 2018

The schedule of unit entitlements for a community titles scheme must —

allocate a whole number (a unit entitlement) to each lot and each tier parcel in the scheme; and

state the number that is the sum of the unit entitlements of all the lots and tier parcels belonging to the community titles scheme.

When allocated, the relative unit entitlement of a lot or tier parcel must not be greater than 5% more, or 5% less, than the proportion that the value of the lot or tier parcel bears to the sum of the value of all the lots and tier parcels in the community titles scheme to which the lot or tier parcel belongs.

The value of a lot or tier parcel is —

in a community titles (building) scheme — the capital value; and

in a community titles (land) scheme — the site value.

Without limitation, the regulations —

may prescribe matters relating to the determination of the value of a lot or tier parcel; and

may specify a number or a method for determining a number that the number allocated to a lot or tier parcel in the schedule of unit entitlements for a community titles scheme must not be less than.

A schedule of unit entitlements, or an amendment of a schedule of unit entitlements, for a community titles scheme must —

be in the approved form; and

be prepared and certified by a licensed valuer.

A licensed valuer must comply with the regulations or Transfer of Land Act requirements in preparing and certifying a schedule of unit entitlements for a community titles scheme.

A schedule of unit entitlements, or an amendment of a schedule of unit entitlements, must not be registered unless it is certified by a licensed valuer within a period specified in the regulations before an application is made for registration of the schedule or amendment.