Question: We own both lots in our strata scheme. How can we terminate the strata scheme?
We own 2 adjoining blocks of land in Cairns, Qld with 1 industrial building across both blocks. Previous owners created Strata to sell both properties separately. Over time, we have purchased both properties, therefore, we own 100% of Strata.
How can we now Terminate this Strata which has done nothing for more than 10 years?
Answer: A resolution can be passed at a general meeting of the Body Corporate to bring an end to the scheme.
A resolution can be passed at a general meeting of the Body Corporate to bring an end to the scheme. It may be worthwhile involving a town planner to ensure any required council approvals are in place and a lawyer to prepare the motion and provide some specific advice on the issue.
Todd Garsden Mahoneys E: tgarsden@mahoneys.com.au P: 07 3007 3753