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While there is no registered owner in the Titles Office (Land Titles Act 41C(3)) for the common property, it is owned by the lot owners as tenants in common in shares proportionate to their interest entitlements. Each owner’s interest in the common property is inseparable from the ownership of the lot. Where the owner is not the occupier of the lot then the owners rights for use and occupation of the common property vests in the occupier of the lot.

While it is the owners of the lots that own the common property, it is the body corporate that is given the power to deal with the common property and to act as if it were the owner.  (Body Corporate and Community Management Act Section 35 and Land Titles Act Section 41C(3)).  While the body corporate is taken to be the owner of the common property land, it may not mortgage the common property.  However, a lesser interest (like a lease) created over the common property may be the subject of a mortgage (Land Titles Act Section 41C(3)).

 

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