Common property includes any parts of the land, buildings and airspace that are not lots on the plan of subdivision.
Common property is held in the common ownership of lot owners, as tenants-in-common, in accordance with the lot entitlement and lot liability schedule included in the plan of subdivision. The ‘lot entitlement’ expresses the extent of the lot owner’s interest in the common property. The ‘lot liability’ expresses the proportion of the administrative and general expenses of the owners corporation that the lot owner is obliged to pay.
Derived from: Consumer Affairs Victoria from Owners corporations definitions and 
Derived from The Subdivision Act User Guide by the State of Victoria