If you are interested to shift from company title to strata title it is important to understand what is company title and what are the steps that you need to follow in order to convert it from company title to strata title.
Company title is a term that is sued to describe a conventional title. This title is generally held by the shareholders of the company in accordance with the existing articles of the company. Over a period of time, you can take the decision to transfer the company title to strata title. And for that you need to follow the below mentioned points:
- Submit a development application plan to the local council.
- Ask a surveyor to provide you with the strata plan and make sure that you get the certificate from a registered certifier.
- Submit the plan with the NSW LRS. The plan must be in accordance with the existing rules and regulations.
- Keep the fee ready that you ah veto pay in due course of time.
- The plan of action has to be executed by the registered proprietor.
- Once the registration has been submitted, individual Certificates of Title should be issued for each lot in the strata plan in the name of the company.
- Make sure that the Certificate of Title for the common property is also issued.
- The transfers will require marking at Revenue NSW prior to lodgement.
Once the above-mentioned steps are implemented, it will be possible to convert the company title to strata title.
