Who owns the land in a sectional title scheme?
“The owner of the unit automatically becomes part of the body corporate, which is the legal entity that owns and controls the common property in the sectional-title scheme,” Dyer explains. “The body corporate lays down the rules that have to be adhered to by all the owners in the development.”
What is a sectional title unit?
The concept ‘sectional title’ describes the separate ownership of units within a complex or development. A sectional title unit may refer to anything from a mini subtype house, a semi-detached house, a townhouse, a flat or apartment to a duet house.
What are the components of a sectional title unit?
Every sectional title scheme comprises of three elements, owners’ sections, exclusive use areas and common property. There is also the concept of an owner’s unit (which is different to that a scheme).
What is common property in a complex?
The common property is maintained by the Body Corporate (every owner in the scheme). Common property includes but is not limited to the security systems, the driveway and parking bays, the clubhouse, gardens, pool, braai facilities and the external (outer) walls and roofs of the buildings which house the sections.
What is the difference between share block and sectional title?
As an owner of a Sectional Title unit you have complete control over your unit. As a shareholder in a Share Block company the company owns all the land and buildings and you have a right to the use of your flat – the result being that your interests are essentially controlled by third parties.
What is the difference between freehold and sectional title?
FREEHOLD or full title describes the transfer of full ownership rights when you own a property, which includes the building and the land it is built on. SECTIONAL TITLE on the other hand, describes separate ownership of units or sections within a complex or development.
How is PQ calculated?
PARTICIPATION QUOTA (PQ) It is calculated by dividing the floor area of a section by the sum of the floor areas of all the sections in the scheme, (i.e. the larger the section, the larger the PQ and vice versa).
Is roof space common property?
New South Wales The lot owner owns the inside of the unit but not the main structure of the building. Usually the four main walls, the ceiling, roof and the floor are common property.
Is a roof considered common property?
The common property includes the outer shell, wall, roof, door, window of the building that forms a boundary between a section and the common property.
How does a Shareblock company operate?
In a nutshell, a share block scheme is an alternative form of property ownership. Rather than full-title ownership, share block schemes allow for a single company to own a particular development, while allowing individuals to buy the right to use a specific unit, or space, within the development.
What is block share?
A block trade is the sale or purchase of a large number of securities. In general, a block trade involves at least 10,000 shares of stock, not including penny stocks, or $200,000 worth of bonds. In practice, block trades are much larger than 10,000 shares.
What is Cluster house?
A cluster house, also known as a strata-landed house, is a unique type of private property that is structured in groups relatively close to each other, often taking on the form of terraced homes, semi-detached homes or sometimes bungalows.
What is a PQ schedule?
Participation quota (P.Q) of a section = a percentage arrived at by dividing the floor area of that. particular section by the floor area of all the sections in the building/s comprised in the scheme. A.
What does PQ mean in real estate?
The participation quota (PQ) of a section in a residential scheme depends on the floor area of the section, so if the floor area of a section is changed, the PQ of the section also changes.
Are party walls common property?
Usually the four main walls, the ceiling, roof and the floor are common property. The basic rule is that everything inside a lot is the owner’s property which includes all internal walls, fixtures, carpet and paint on the walls.
Who owns the roof space in a block of flats?
The basic rule is that ownership of the roof, it’s space and the air space above should be expressly granted, as otherwise it remains with the Freehold. That said, if silent, it is also a question of fact as to what the common intention was between the original grantor and grantee.