Expiring the leases
Upon the leases being determined or reaching their expiration date:
- the strata scheme will be terminated
- the owners corporation is dissolved
- all rights and liabilities in regard to the owners corporation are now vested in the former owner(s)
- LPI will, as soon as practicable cancel all of the relevant titles and record an appropriate notification on the former title for the parcel.
In regard to the expiration of leases see section 148 - 150 Strata Schemes Development Act 2015.