Of course you can. In order to meet ASIC’s eligibility requirements of special purpose home unit companies and take advantage of the reduced annual review fee, you will need to make sure that:
- the company is the proprietor of land on which a building divided into separate residential areas and areas for common use is erected;
- the members of the company are entitled, because of the shares they hold in the company, to the exclusive occupation of 1 or more of the residential areas and to use of the common areas; and
- the company only operates to facilitate and enforce the rights of company members in relation to exclusive occupation of the residential areas and to maintain the common areas.
Should you choose not to use the Patricia Holdings Home Unit Company Constitution, due to the complexity of this particular company type, we suggest having the constitution drafted by a property law specialist.