This is a technical/legal term that basically means the boundary or boundaries of land are being changed, usually to create a new lot or parcel of land for resale. There are many different types of reconfiguration:
1. Standard format plan - sometimes known as free-hold title (under the Land Act and Land Titles Act);
2. Community Title (under the Body Corporate and Community Management Act) – previously known as strata titles or group titles;
3. Boundary realignment – most often used when there is an encroachment of a building over a boundary;
4. A lease for more than 10 years;
5. Amalgamating 2 or more lots – most often used to create a larger lot to facilitate an activity that needs more room, such as a shopping centre or high rise apartment block.
1. Building format plan;
2. Volumetric plan; and
3. Standard format with community title.
A building format plan is a plan that creates a title only over only the building or unit. The land around the building is owned by the body corporate and within the rules of the body corporate some of the land may be used exclusively by the owner of a particular building or unit.
A volumetric plan is similar to a building format plan except that is for high rise apartments that might not be on the ground floor.
A standard format with community title might be used where there is a common driveway shared amongst an number of lots that isn’t big enough to be a full road.
This is basically brought about by the different types of town planning schemes that might limit the size of lots or the way the lots may be designed. They also allow for more efficient use of land while still allowing for separate units to have individual title so then can be bought and sold.
There is no “best” way. Each has its pros and cons. Generally most people prefer to own their own lot outright, however sometimes not having to worry about maintenance and management of a property has benefits that make units in community tiles more attractive. Sometimes the unit complex can be designed to provide extra features such as swimming pools and gyms that add benefit to the owners and occupiers.
For some forms of reconfiguration a council town planning approval may not be required.
Here at East Coast Surveys we are able to advise you which form of reconfiguration is best suited to the particular lot you won or are thinking of buying. Please contact us for a free initial consultation before entering into a contract to purchase land you are thinking of subdividing or developing.