Home Ownership Risk

Written on 30 November 2011.

Your home ownership may be at risk in the future if you’re the owner of a strata titled unit.  See the Unit titles Scheme.

S15 Termination by resolution

A scheme may be terminated if:

1. the body corporate of the scheme decides to terminate the scheme by a unanimous resolution; or
2. all of the following conditions are satisfied:
   1. this paragraph applies under the management module;
   2. the scheme has existed for at least 20 years after the commencement of this Act (May 2009)
   3. the body corporate of the scheme decides to terminate the scheme by a resolution prescribed by regulation that is supported by unit owners holding at least 90% of the total interest entitlements.

The Property Council would like to reduce that to 75%.  Read more