Unit Entitlement Valuation
Subdivisions Perth, engages one of Perth’s leading Licensed Valuers in the area of Strata Subdivision and the assessment of Unit Entitlement.
They have been doing this work since 1998. It is imperative to have someone with experience to do this work, as no two subdivisions are identical. In terms of assessing the Unit Entitlement for a Strata Subdivision, Subdivision Perth ensures all work is completed to achieve Landgate and the Strata titles Act requirements. The process of the Licensed Valuer put simply is.
Unit Entitlement in the Strata Subdivision process.
Two types of Strata Title that can be created.
Strata title (or built strata) shows the buildings and the boundaries of each strata lot.
Survey Strata which shows the land area and boundaries of each strata lot.
Your Licensed Valuer
The Strata Title Act governs how Unit Entitlement is assessed. The Unit Entitlement valuation is done by a Licensed Valuer who assesses the relative proportion of the owner’s share in the strata scheme, dependent the Strata subdivision best suited to the site.
Strata Title - the Unit Entitlement of each strata lot is calculated considering the capital value of the buildings on each strata lot as well as the land.
Survey Strata - the Unit Entitlement is calculated on the unimproved site value of each of the lots and ignores the value of any buildings.
Your Licensed Valuer Role
The Licensed Valuer assesses the unit entitlement and completes a Form 3 for insertion into the Strata Plan/Survey.
An experienced License Valuer is essential in the process as Unit Entitlement as it determines for each of the strata lots, for the life of the Strata plan/ Survey
The voting rights of a proprietor
The undivided share of each proprietor in the common property
The proportion payable by each proprietor of contributions levied under section 36.