Strata Unit Entitlement Form 3 Property Valuations in Perth Western Australia
We can assist you and complete your Form 3 Certificate of Licensed Valuer;
Two-day (48 hour) turnaround on survey strata subdivisions Form 3 Certificates from receipt of instruction within the Perth metropolitan area;
All work carried out by Licensed Valuer’s in compliance with the Strata Titles Act 1985;
Survey strata and built strata services available – ask for a quote.
Are you seeking an efficient, high quality and accurate valuations provider without excessive costs or longer than needed turnaround times? Contact Perth Valuers for your next Form 3 Unit Entitlement valuation and know the difference of dealing with a professional, service-oriented firm.
Usually a Strata Unit Entitlement Form 3 valuation is organised by the surveyor however we have had some such examples where the it has been the owner of the development needing to arrange it. Whether you are a surveyor seeking to align with a reliable valuer for your ongoing valuation needs, or an owner seeking a one-off valuer appointment, Perth Valuers are available to assist you with your project.
What is a Unit Entitlement?
The Strata Titles Act 1985 defines “unit entitlement” by using the term “unit entitlement”;
“unit entitlement in respect of a lot, means the unit entitlement of that lot shown on the schedule of unit entitlement registered with the Registrar of Titles;”
Fortunately for those of you that want to know more, we have summarised the relevant details of the act and where we as valuers fit in, below for your convenience;
What is the Strata Titles Act?
The Strata Titles Act 1985 is “an Act to facilitate the horizontal and vertical subdivision of land and the disposition of titles thereto, to provide for incidental and connected purposes and to repeal the Strata Titles Act 1966.” This means that under the strata titles act, “Strata” being an innovation in Australian property law, that you are permitted to subdivide horizontally (think turning one parcel of land into a number of smaller parcels of land) or vertically (think: building multi-storey apartments on a parcel of land).
What are some of the requirements needed in a Strata Plan?
Section 5 of the act relates to the requirements of a Strata Plan;
5. Strata plan: requirements
(1) A strata plan shall —
a) consist of a location plan and a floor plan in respect of the parcel;
c) be accompanied by a schedule specifying, in a whole number, the proposed unit entitlement in respect of each lot into which the parcel is to be subdivided and specifying also the proposed aggregate unit entitlement;
For example, the below image shows a built form strata plan depicting a two-unit warehouse development of similar size and configuration containing a first-floor office in each unit, complying with Section 5 (1)(a). In order to meet the requirements of Section 5 (1)(c) of the act however, a Licensed Valuer would need to determine the capital value of each unit to determine the unit entitlement in respect of each lot and the aggregate unit entitlement of the whole.
What are some of the requirements needed in a Survey- Strata Plan?
Section 5A of the act relates to the requirements of a Survey-Strata Plan;
5A. Survey‑strata plan: requirements
A survey‑strata plan shall —
a) contain a survey plan in respect of the parcel, that is a plan that defines, in the prescribed manner, the boundaries of lots and common property by dimensions and survey information obtained from a survey of the parcel;
d) be accompanied by a schedule specifying, in a whole number, the proposed unit entitlement in respect of each lot into which the parcel is to be subdivided and specifying also the proposed aggregate unit entitlement;
Shown in the image below is a survey-strata plan depicting three parcels of land or lots, along with its boundaries and dimensions and which complies with Section 5A (1)(a) of the act. In order to meet the requirements of Section 5A (1)(d) however, a Licensed Valuer would need to determine the site value of each lot to determine the unit entitlement in respect of each lot and the aggregate unit entitlement of the whole.
How can Perth Valuers help?
Apart from the difference in the type of value (i.e. capital vs. site value) that is required to be assessed in the first example compared to the second, you might notice the first example has two identical units whereas the second example shows three lots of varying size, shape and position. Without going into too much detail, this might indicate a unit entitlement of 1 out of 2 or 50 out of 100 for each unit in the first image (all other things being equal) but possibly a unit entitlement of 33, 33 and 34 out of 100 for each lot in the second image (all other things being equal). This would be the point at which Perth Valuers come in.
Contact us today
If you are seeking property consulting or advisory, a property valuation whether a Strata Unit Entitlement Form 3 valuation or otherwise, who better to use than the Valuers who know (and love) Perth like we do. Perth Valuers are committed to delivering accurate, informed and industry best property valuation services throughout Perth, Peel and the great state of Western Australia. Integral to our capability is our local expertise and national capability through a number of affiliate offices throughout Australia, so you can rest assured we’re here for the long haul. To confidentially discuss your valuation or property consultancy requirements, contact Perth Valuers today.
Keep an eye out for part two in this series; Why is the Unit Entitlement important?