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Look up terms used in our reports and terms used in strata. Break through the jargon barrier
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Learn more about Strata and Strata living
Check out this section to get some hints on making informed decisions on your purchase |
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Welcome to PSI's Online Help System
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GENERAL INFORMATION
This section of the report provides information of particular use or interest to a purchaser. It is gathered from a range of the owners corporation’s records during the course of the inspection.
Number of lots and units The first part of this question refers to the total number of Lots in the scheme. Remember that the number of lots in the scheme is not always the same as the number of units. This is because in some schemes garages or parking spaces may be separate lots. The answer to the second question will highlight any difference. If a “unit” comprises more than one lot, then the levy notice for that unit will set out the lots to which it relates and take into account the different contribution schedule lot entitlements.
Although it is common to refer to multiple lots that relate to one unit a single “unit”, for levy and voting purposes the distinction between the various lots must always be made. The same distinction is made in relation to land titles, because the Land and Property Management Authority will create separate titles for each lot.
Unit entitlement of the subject lot(s) A unit entitlement is usually expressed as a relationship to the aggregate of all unit entitlements. Therefore, if the figure shown is “20/1,000” this means that the unit entitlement is “20 out of a total of 1,000” or “twenty thousandths”. For example to calculate the share of any cost for the subject apartment using the example unit entitlement figure of 20/1,000 on a cost of $25,000 you would divide $25,000 by 1,000 resulting in a figure of 25 and multiply this by the unit entitlement which in this case is 20 that is 25 x 20 = $500.
It follows that these allocations are very important in the operational aspects of the scheme and should be noted by the purchaser. They determine liability for maintenance contributions, proportional interest in the common property, voting rights and rights upon distribution of surplus assets.
Number of tenanted units Whether buying to live in the scheme or as an investor, the number of tenanted units will be of interest. This number depends to a large extent on the completeness of the owners corporation’s Starta Roll. As many rolls are incomplete as regards tenancies, the number may not always be reliable.
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