Company title

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:

  1. Make a development application to the local council.
  2. Engage a surveyor to prepare a strata plan and provide a surveyors certificate.
  3. Obtain a completed strata certificate from the council or an accredited certifier.
  4. Lodge plan with NSW LRS. The plan must meet all of the current requirements and the appropriate fees must be paid.
  5. The plan should be executed by the company as the registered proprietor.
  6. 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.
  7. Transfers are required to transfer the title for each lot from the company to the appropriate lot owners.
  8. The transfers will require marking at Revenue NSW prior to lodgement.
  9. The appropriate lodgement fees will be payable on lodgment of the transfers.
  10. Any existing mortgages would also need to be addressed to ensure they are recorded on the appropriate title.