Conveyancing property, wills and Estates. Disclaimer | Home

The news and views in two strands (based on the work that we do):
1. Conveyancing property to
2. Wills and Estates, Probate work to

Items that don't quite fit into these categories are on this page.

05 October 2009

Strata common property

The owners corporation can decide by special resolution that it is inappropriate for a particular item to be part of the common property. This decision must not affect the safety or appearance of the strata scheme.
The owners corporation looks after common property and does all the repairs. This includes replacing and renewing common property when needed.
For a checklist of common property see this FairTrading NSW link.

Labels: ,

10 June 2008

Purchasing Strata Property

A strata scheme is a building (or collection of buildings) where individuals each own a small portion (called a Lot) and where there is also common property (such as external walls, windows, roof, driveways, etc.) which every owner shares.
Before purchasing a strata title property you should be aware of the following issues:

  • What would I actually own in a strata scheme?

  • Owners corporation and executive committee

  • What are levies?

  • Are there any meetings I would have to attend?

  • What are the by-laws/lifestyle restrictions?

  • What should I do before signing a contract?

  • Buying ‘off the plan’

  • The contract

  • Insurance

For the answers to these questions, see the Office of Fair Trading. ..home_owners/Buying_property.
AND the Law Society of NSW:
For Strata living generally:

Labels: , ,

27 May 2008

10 year Sinking Fund Plans

1 July 2008 was the deadline for Strata Number down to 10,000 (SP with more than 5 numbers in it). So if your body corporate is SP9999 or less you have another year before you have to get started.
What it involves is that owner corporations are required to work out their capital expenditure needs for the next 10-years.
Owners corporations are expected to use either their own resources or outside experts to devise these plans.
When you are required to commence this planning is determined by your strata number:
  • SP 30,000 and over were to have been organised by July 2007

  • SP 10,000 – 29,999 by 1 July 2008

  • SP 1 – 9,999 by 1 July 2009.

By the second AGM after these dates a plan should be in place. So hopefully, this should remove one of the surprises of being a unit owner.


Copyright ©2005 by Luchetti & Co - Solicitors, Crows Nest - North Sydney | Disclaimer | Site by WinHelp IT Editing