Buying a Strata Unit
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Friday, 23 March 2007 |
Before purchasing a strata title unit, it is wise to arrange an inspection of the books and records of the owners corporation by a suitably qualified strata searcher. There are many things that are not apparent from a visible inspection of the building. There are a number of factors which can impact on you once you become the owner and it is better to be informed about these so that a prudent decision can be made BEFORE purchasing.
Purpose of a strata search
What important items should you consider?
- Is the building adequately insured?
- Is there a recent building valuation to support amount of insurance
- Does the strata scheme have an adequate sinking fund, taking into account the age of the building, the current state of repair, the type of construction
- Can I afford the quarterly levies?
- Are there any special levies planned?
- Are there any outstanding building works, unpaid invoices etc that could result in a special levy?
- Is the annual sinking fund allocation adequate?
- What are the current balances in the Administrative & Sinking Fund account?
- Are there any current or proposed litigation matters involving the owners corporation?
- Are there any limitations or restrictions on the use of common property which may affect you?
- Are there any outstanding public liability claims involving the owners corporation?
- Are animals permitted?
- Have any alterations to the unit been approved by the owners corporation, ie installation of air conditioning unit?
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posted by Anonymous @ 10:58 am  |
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