'Interest recorded on register folio CP/SP61518'
The purpose of the Second Schedule on the Certificate of Title of a lot is to record any encumbrances that directly affect the lot (eg mortgage, lease).
However, there are possibly other encumbrances and issues that affect the land on which the strata scheme exists which, while not shown on the title for the lot, may affect the lot eg:
- Easements that were in existence before the strata plan was registered and which burden or benefit the strata parcel.
- Restrictions on the use of the land affecting the strata parcel.
- Strata Management Statement or Development Contract that may apply to the strata scheme.
Notifications referring to the above are recorded in the Second Schedule of the title for the Common Property.
The common property title also includes other important information on the strata scheme including:
- Schedule of Unit Entitlement
- The current address for service of notice on the Owners Corporation
- By-Laws that apply to the scheme.
The purpose of the notification is to direct attention to these encumbrances and information that are recorded on the Common Property title.
The title for the Common Property should always be included when searching title information for a strata lot.