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Posted 02 October 2018
Owners Corporations have a variety of options to generate revenue from their common property. A question which frequently arises is whether schemes can sell or lease their visitor car parking spaces on the common property to lot owners or third parties.
However, it is important to do things correctly to avoid the prospects of dispute or an expensive challenge in Court.
Subject to being satisfied with development consent conditions, Owners Corporations should also communicate its intentions with the lot owners and decisions regarding the common property should be supported by appropriate resolutions or special resolutions.
Schemes have a number of options to make money from the spaces including:
***The information contained in this article is general information only and not legal advice. The currency, accuracy and completeness of this article (and its contents) should be checked by obtaining independent legal advice before you take any action or otherwise rely upon its contents in any way.