Formation Of Strata Corporation
The Registration of Strata Titles Act governs the law in relation to what may be called a condominium/apartment, a collective ownership and living.
The trend has been towards this form of development especially within the corporate area, due to:-
- increased land costs
- limited supply of land suitable for single family detached dwellings
- security considerations.
With a strata development one does not need to seek subdivision approval under the Local Improvements Act. The Strata Titles Act itself provides for the subdivision of registered land into strata lots in accordance with a strata plan that must be registered at the Land Registry Section.
The strata plan must be prepared by a Commissioned Land Surveyor and can only be accurately prepared when the building is up to belt course because it is at that point that, the spatial relationships between the various apartments have been physically established.
After a Strata Plan has been prepared by a Surveyor it will need to be submitted to the Housing and Planning Department in Belize City for approval and it is only after the Plan has been stamped with that Approval that it can be submitted to the Land Registry Section for registration.
Thereafter by lodging the Strata Plan at the Land Registry, the developer can proceed to apply to splinter the Title for the property into individual titles for the strata lots depicted on the Plan.
One or two practical words of caution before proceeding to strata property. You should in all cases –
- Ensure that the Restrictive Covenants endorsed on the Title permit the subdivision of the land into Strata Lots. If they don’t then you would need to make an application to the court to have them modified to permit such division of the land.
- Have a Surveyor do a Surveyor’s Identification Report of the property to ensure that there are no boundary discrepancies that need to be rectified. Formation of Strata Corporations
Once the Strata Plan is registered, the owners of the strata lots automatically become a body corporate called “the Proprietors Strata Plan No. _______. With a new complex therefore, until the first unit is sold, the Developer would constitute the Proprietors Strata Plan No._______. The Act places a number of duties and obligations on the Corporation and it is the Corporation that is really the managerial vehicle for the complex.