New South Wales Consolidated Acts

STRATA SCHEMES (LEASEHOLD DEVELOPMENT) ACT 1986 - SECT 12

12 Consequences of registration of strata plan of subdivision

(1) On the registration of a plan as a strata plan of subdivision referred to in section 10 or 11:

(a) the lease of any development lot, or other lot that is the subject of the subdivision, is determined and the lease of any common property concerned ceases to apply to any lot created by the subdivision,

(b) any estate or interest (including any rates, taxes, charges or fees referred to in Division 6 of Part 4) and any caveat affecting a lease determined by paragraph (a) shall affect the replacement leases in so far as they relate to lots,

(c) the leasehold estate in any common property created vests in the body corporate as lessee for the residue of the term specified in the lease of the common property, and

(d) all outstanding rights and obligations of the lessee under a lease determined by paragraph (a), being rights and obligations existing immediately before registration of the plan, shall continue to be exercisable or, as the case may be, shall be discharged by the person who was lessee under that lease as if that lease had not been determined, except to the extent, if any, that those rights and obligations are inconsistent with the provisions of the replacement leases or extinguished or varied by the relevant parties.

(2) As soon as practicable after the registration of a plan as a strata plan of subdivision referred to in section 10 or 11, the Registrar-General shall:

(a) create folios of the Register for the leases of the lots, and

(b) record in those folios any mortgages, charges, covenant charges, writs or caveats affecting those leases by virtue of subsection (1) (b).

(3) For the purposes of this section, a strata plan of subdivision lodged for registration under this Act which is required to be accompanied by a lease to be registered under the Real Property Act 1900 shall be treated as having been registered only when the lease has been registered under that Act.