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Look up terms used in our reports and terms used in strata. Break through the jargon barrier
Look Up The Strata Legislation Look up the strata legislation
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INITIAL PERIOD The owners corporation is subject to a number of restrictions during a period known as “the initial period”. This period commences on the day on which the owners corporation is registered and ends when there are owners of lots (other than the original owner) the sum of whose unit entitlements is at least one-third of the aggregate unit entitlement. If the initial period has not expired the purchaser’s solicitor or conveyancer will be concerned to ensure that the owners corporation has not acted in breach of any of the restrictions that apply to it during that period.
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