Upon registration of the plan folios of the Register are created for each lot and the common property. The lots comprise the land as defined on the floor plan(s). The common property comprises all of the land in the strata scheme which is not part of a lot.
Common property title
The common property title contains a first and second schedule like any other folio and a schedule of unit entitlement.
The first schedule
The registered proprietor of the common property is always the owners corporation of the scheme and it is not necessary to indicate this on the folio. The first schedule contains the address for service of documents for the scheme.
The second schedule
The second schedule contains information and encumbrances the same as any other folio of the register. Notifications which may appear include; Easements, Restrictions, Covenants, Positive Covenants, Leases etc. There will also be a notification indicating the by-laws which affect the scheme.
Note The common property title cannot be affected by Mortgages, Charges, Covenant Charges or Writs.
The Schedule of Unit Entitlement
The Schedule of Unit Entitlement appears after the second schedule. It indicates the entitlements for each current lot in the scheme and an aggregate.
Titles for the lots
The titles for lots in a strata plan contain a first and second schedule like any other folio.
The first schedule
The first schedule indicates the registered proprietor(s) for the lot and tenancy if required.
The second schedule
The second schedule contains information and encumbrances the same as any other folio of the register. Notifications which may appear include; Easements, Restrictions, Covenants, Positive Covenants, Mortgages, Leases etc. The first notification on the title for a strata plan lot will always be INTERESTS RECORDED ON REGISTER FOLIO CP/SP (X) where (X) is the number of the scheme of which the lot forms part. This indicates that there may be notifications on the common property title which the lot is also subject to.