What is NICO? This fact sheet contains information on not in common ownership (NICO) titles created from plans of subdivision and consolidation. What is a NICO plan? A NICO plan is a subdivision or consolidation by the registered proprietors of two or more titles held in different ownership. For example: Arthur Albert of 10 Orange Street Melbourne is the registered proprietor of the land in Vol 1234 Fol 567. (subject to mortgage ZZ444 to Australia Bank). Bill Brown of 12 Orange Street Melbourne is the registered proprietor of the land in Vol 9874 Fol 563. Arthur and Bill have agreed to alter the boundary between their properties. This can only be achieved by completing a two lot NICO plan of subdivision. The boundary between the properties is altered to a new position – creating lots 1 and 2.
What is NICO? This fact sheet contains information on not in common ownership (NICO) titles created from plans of subdivision and consolidation. What is a NICO plan? A NICO plan is a subdivision or consolidation by the registered proprietors of two or more titles held in different ownership. For example: Arthur Albert of 10 Orange Street Melbourne is the registered proprietor of the land in Vol 1234 Fol 567. (subject to mortgage ZZ444 to Australia Bank). Bill Brown of 12 Orange Street Melbourne is the registered proprietor of the land in Vol 9874 Fol 563. Arthur and Bill have agreed to alter the boundary between their properties. This can only be achieved by completing a two lot NICO plan of subdivision. The boundary between the properties is altered to a new position – creating lots 1 and 2.
What-is-NICO.docx