Understanding Contemporary Property Rights

 

In August we were thrilled to  have Professor Bill Sheehan here in Darwin to discuss complex Property Rights to members and guests.

John talked about how fundamental changes are currently impacting upon our understanding of contemporary property rights.

He discussed the Strata Schemes Development Act 2015 (NSW) which commenced on 30 November 2016. The crucial feature of the legislation is the innovative provision that the owners of only 75% of the strata lots need to be required for a strata scheme to be terminated and hence sold for redevelopment.

Where a strata lot owner does not concur to the proposed termination of the strata scheme, the new legislation provides for the  “compensation value” of the owner’s lot to be paid to that owner.

In determining the amount of compensation to which a person is entitled, regard must be had to the following matters only (as assessed in accordance with this Division):

• The market value of the land on the date of its acquisition
• Any special value of the land to the person on the date of its acquisition
• Any loss attributed to severance
• Any loss attributed to disturbance
• Solatium
• Any increase or decrease in the value of any other land of the person at the date of acquired land by reason of the carrying out of, or the proposal to carry out, the public purpose for which the land was acquired.

 

Please see attached the paper John kindly put together for those that could not make the seminar.