Tuesday, June 10, 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.
For Strata living generally: