BUYING A STRATA OR A COMMUNITY TITLE

Anyone thinking of buying a Strata Unit or a Community Lot should, before signing a contract, make sure they understand the operations and finances of the particular corporation. On application by an owner or prospective buyer, a corporation must provide a Statutory Search for which the Corporation would usually charge a fee which includes:

Buying a Strata or a Community Title
  1. How much money must be paid for the upkeep, maintenance, and management of the common areas, including arrears.

  2. Assets and liabilities of the corporation.

  3. Details of any expenses incurred or about to be incurred by the corporation, such as painting or gutter replacement.

  4. Copies of minutes of general meetings and management committee meetings for the last two years.

  5. Statements of accounts and financial records of the corporation.

  6. Articles or by-laws of the corporation currently in force.

  7. Current insurance policies.

 

The introduction of the Community Titles Act in 1994 precluded any further Strata Titles Act applications from approval and so the modern standard is usually a Community Title. The existing Strata Titles continue to be valid and there are many of those in South Australia.

 

Questions you could ask in respect to a Strata or Community title include:

 

  1. How many of the Units/Lots are occupied by the owners and how many are rented?

  2. Is there any car parking spaces attached to the title?

  3. Is there any off-street visitor car parking?

  4. Can you store a caravan or a boat ?

  5. Are any pets allowed to be kept on or in the unit/lot?

  6. Is there free unrestricted access for placing a rubbish bin outside?

  7. Where is the Common Property?

 

Please note, in our opinion it is extremely important that a Purchaser reads all the minutes of the last two years meetings to possibly pick up on a matter which may in future impact on a Purchaser.

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