7 days to go for Public Consultation on Strata Title Bills 2020
The Department of Lands and Physical Planning through the Land Administration Reform Committee is now calling on the general public and its stakeholders to participate in a wider consultation process for the recently launched STRATA TITLES BILLS 2020.
Department of Lands and Physical Planning Secretary, Oswald Tolopa made the appeal following the recent announcement of the STRATA TITLE BILL 2020 highlighting the significance of the Strata Title which can pave way for unit holders in apartments and building to have registered titles over the certain unit or apartment which had only a single owners under a sub lease arrangement.
THE STATA TITLE LEGISLATIONS COMPRISES THREE SETS OF LAWS:
1. Land Registration (Strata Title) Bill 2020
2. Strata Titles Bill 2020
3. Strata Title (Management) Bill 2020
Upon clearance from the Office of the State Solicitor, the Department is now urging the private sector property developers, financial institutions, superannuation funds and the legal profession are strongly encouraged to comment and provide their feedback through an online survey through the department’s website.
The public consultation of the 3 Bills will run for 2 weeks starting 20th September to 4th October 2019. Due to the technicality of the Bills, it is recommended that all 3 draft Bills are carefully read before comments are made.
BENEFITS OF STRATA Titles
- Provide unit holders registered title certainty to their area purchased, rather than what is administered currently whereby the building and land has single title owner and unit holders only have sublease for their units.
- Defines unit holders their legal rights to access to common areas within the whole property,
- Creates options for lower prices for units/dwellings within locations where outright land purchase would be expensive
- Banks and lending institutions can better cater for and are favorable to strata titles when developing lending options rather than a sublease as is administered now.