Strata Titles Act 1985

A full proposal for the termination of a strata titles scheme must —

include the material required to be included in an outline of a termination proposal; and

be accompanied by the approved plan of subdivision for the proposal; and

describe, in detail, what is proposed in terms of contracts to be offered to owners of lots, including —

contracts for the sale and purchase of lots before termination of the strata titles scheme, including —

the name and address of any buyer; and

the purchase price or a description of how the purchase price is to be determined; and

the terms and conditions of the contracts for sale and purchase, including proposed settlement dates, or a description of how those terms and conditions are to be determined; and

any deductions proposed to be made out of the purchase price or a description of how those deductions are to be determined;

contracts under which the owner of a lot acquires an interest in land in exchange for the lot, including —

the choices available to owners or the basis for determining those choices; and

the interests in land proposed to be acquired by the owners; and

other terms and conditions of the exchange;

contracts under which the owner of a lot is to have an interest in the land on termination of the strata titles scheme or is to have a right or option for the acquisition of an interest in the land following its subdivision or development;

describe, in detail, what is proposed to happen on termination of the strata titles scheme in terms of the discharge, withdrawal, removal or bringing forward of registered mortgages over the lots and other estates and interests in a lot or common property in the scheme that are registered or recorded in the Register; and

describe, in detail, what is proposed to happen on termination of the strata titles scheme in terms of the contractual rights of occupiers of lots or common property in the scheme; and

describe, in detail, what is proposed in terms of subdivision and development of the land following termination, including —

plans for demolition; and

plans for subdivision; and

architectural plans for development;

describe the planning approvals required for the proposal described under paragraph (f) and the extent to which the proposal does not comply with a relevant planning scheme or interim development order in force under the Planning and Development Act 2005; and

indicate, in detail, the stages and timeframes proposed for progress of the proposal if it proceeds, including expectations for when vacant possession of lots and common property will be required; and

describe any proposals for the temporary relocation of owners of lots, including any payments proposed to be made to owners to enable them to arrange temporary relocation; and

include a statement obtained from the strata company of —

its current assets and liabilities; and

any legal proceedings or pending legal proceedings to which the strata company is or proposes to become a party;

specify the steps that will be taken to wind up the strata company, including for the realisation of assets and the discharge or transfer of liabilities for termination of the scheme; and

any other information required by the regulations.

A full proposal must incorporate a report (a termination infrastructure report) comprised of —

a report of a structural engineer on the state and condition of each scheme building and the infrastructure on the common property in the strata titles scheme; and

a report of a person of a class specified in the regulations on the scope of works reasonably required to repair or replace the scheme buildings or infrastructure taking into account the report of the structural engineer; and

a report of a quantity surveyor estimating the cost of the works identified in the report under paragraph (b).

A full proposal must incorporate a report (a termination valuation report) prepared and certified by a licensed valuer setting out a valuation of the market value of each lot in the strata titles scheme.

The regulations must prescribe matters relating to the determination of the market value of a lot for a termination valuation report, including a valuation methodology that takes account of —

relevant recent sales history; and

the highest and best use of the lot; and

the value attributable to the owner’s interest in the common property of the strata titles scheme.

The valuation must be current as at a date that is not more than 21 days (or, if some other period is specified in the regulations, that period) before submission of the full proposal to the strata company.

A person must, in preparing or certifying a termination infrastructure report or termination valuation report, comply with the requirements of the regulations.

This section does not limit the matters that can be included in a full proposal.

The terms of a termination proposal set out in the full proposal are in substitution for the terms set out in the outline of the termination proposal.

A full proposal, including the termination infrastructure report and the termination valuation report must be in the approved form.