In a new NSW strata scheme, on what basis must each lot's unit entitlement be set?
Correct Answer
C) Each lot's market value, as apportioned by a qualified valuer.
Under Schedule 2 of the Strata Schemes Development Act 2015 (NSW), the schedule of unit entitlement for a new scheme must be apportioned on a market value basis, and a qualified valuer must certify it. Unit entitlement then sets each owner's share of levies, their vote on a poll and their share of the common property. Other states use different bases, such as Queensland's equality or relativity contribution schedules.
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