Strata property is a building, where individuals each own a small portion but where there is also common property, which each owner shares ownership over.
The shared ownership is managed by an owners’ corporation,
also referred to as body corporate, strata management etc.
Here are the most important things that you must consider
before buying into a strata property:
· Check the strata scheme to find out exactly what
you will own as your lot and what is common property
· Who is the owners corporation in charge of your
scheme and who is the strata manager
· Is there a strata committee which includes a
group of owners elected at each general meeting, whom represent all the owners.
· Ask the owners corporation if there are any
upcoming capital works that you need to be aware of.
· What levies will you have to pay?
· Ask to see the financials and minutes of the
last few corporation meetings
· Pay close attention to the quality and finishes
in the overall property and they types of features that are included
· Get familiar with the processes around the
Annual General Meeting and get to know some of the other lot owners
· Make sure that you insure your own contents
under a separate insurance plan
· Become familiar with the by-laws that affect
your strata scheme
· Look at the balance of the sinking &
administrative funds and make sure there is enough in each of them for any
· If you are buying off the plan, get a lawyer to
look over the contract before signing or paying a deposit.
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Thursday, 5 December 2019