What is the key difference between a lot entitlement and unit entitlement in a strata scheme?
Correct Answer
A) Lot entitlement determines voting rights, unit entitlement determines levies
Lot entitlement typically determines voting rights at owners corporation meetings, while unit entitlement determines the proportion of levies and expenses each owner must pay. Both are based on factors like lot size and value, but serve different purposes in strata scheme governance and financial obligations.
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