Question: If I own both lots in a two-lot strata scheme, is the duplex exempt from requiring a capital works fund?
I own both lots in a two-lot strata scheme. The buildings are physically detached, and there are no other buildings or parts of buildings, except for a shared concrete driveway, outside of the lots. Is a scheme like this exempt from requiring a capital works fund?
Answer: You appear to meet the exemption criteria.
Yes, as you appear to meet the exemption criteria:
- the owners corporation so determines by unanimous resolution (as you own both lots, you will have no issue)
- the buildings comprised in one of those lots are physically detached from the buildings comprised in the other lot, and
- no building or part of a building in the strata scheme is situated outside those lots.
This post appears in Strata News #759.
Leanne Habib Premium Strata E: info@premiumstrata.com.au P: 02 9281 6440