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:
lawsociety.com.au/page.asp?partid=6692
For Strata living generally:
..home_owners/Strata_schemes.html
Labels: buying, conveyancing, strata
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