Company title is a term used to describe a conventional title held by a company whose shareholders occupy the building(s) in accordance with articles of the company. The company may find it desirable to create a strata scheme over such a title. In order to do this the following steps must be undertaken.
The strata subdivision of a building currently under company title is no different to any other strata subdivision of land owned by a company. The steps are as follows:
- Make a development application to the local council.
- Engage a surveyor to prepare a strata plan and provide a surveyors certificate.
- Obtain a completed strata certificate from the council or an accredited certifier.
- Lodge plan at LPI. The plan must meet all of the current requirements and the appropriate fees must be paid.
- The plan should be executed by the company as the registered proprietor.
- On registration of plan, individual Certificates of Title are issued for each lot in the strata plan in the name of the company. A Certificate of Title for the common property is also issued.
- Transfers are required to transfer the title for each lot from the company to the appropriate lot owners.
- The transfers will require marking at the Office of State Revenue prior to lodgement.
- The appropriate lodgement fees will be payable on lodgment of the transfers.
- Any existing mortgages would also need to be addressed to ensure they are recorded on the appropriate title.