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Solution Code: 1EIFA

Question: Australian Property Law

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Assignment Task

How are fee simple rights incorporated within the statutory strata title construct?

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Solution:

How are fee simple rights incorporated within the statutory strata title construct?

Fee simple rights is essentially the law that pertains to the freehold ownership of real estate and land, in common law countries. Australia is one such country that is quickly adapting to community living lifestyle. With many Australian individuals choosing to holiday and reside in unit accommodation facility, the industry of Strata title is gaining increasing demand for creating of the legislative framework for fee simple rights.

The Strata title consists of several jurisdiction boundaries, that help in the construction of laws that are rightful and fair. For the incorporation of the fee simple rights, the development and ownership for individuals can exist under retail, residential, commercial, service apartments, caravan parks, resorts etc. The concept came into existence, by the New South Wales Government that faced problems in borrowing money from the residential units that were lawfully leased out. Act, 1961 came into existence on 1 July 1961 (Commonwealth of Australia, 2012). While, the retail leases act came into existence in the 1994, by the New South Wales Government, which now exempts no individual from paying the lease for a commercial or residential construction or land. All the actions were considered as a common law, for all that reside in the Australia.

Fee simple rights in the Australian constitution, deals with a fundamental attempt in making property ownership and the structure of lease payments, much easier, with limited interference of the government. According to the section 51 of Australian constitution, it is said that, all the property rights of the owner, are decided and will be changed as per the government regulations and alterations if any (Hopkins, 2013). However, within the part 2 of the act specifies that a retailed construction, especially the one that is leased, cannot be advertised, or be obtainable for lease, according to the state of disclosure form the acts mentioned in the Strata title contract. The section 4 (1) of the NSW act 1994, it is suggested that the nature of the estate is to be considered, before making any changes in the land dynamics. As per the Australian constitution, all the land units that intend to be, or are a part of the fee simple, should be potential enough to consider it as a common land (Commonwealth of Australia, 2017). Which also means that anyone who buys or rents it out, will have a partial ownership of the entire land, without any subsidiaries. Nevertheless, the government or the constituents in the Strata title, would still have the final rights and say on the land. The complexity and organization of fee simple rights, there has to be an adherence of all law-bound activities listed by the Strata Title. The Australian government and the residents, are together moving towards simplifying the intricacies that are involved in real-estate. With several stringent laws, the jurisdiction is able to manage the concerns that come with the implementation of the fee simple regulation.

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