When buying any property, the rule of “buyer beware” applies. This is particularly the case when buying a strata titled property.
When buying a strata titled property, the seller is required to provide certain notifiable information about the strata development before the buyer signs the contract. This information includes:
- Form 28 – “Disclosure Statement” (which can form part of the contract);
- Form 29 – “Buying and Selling a Strata Titled Lot” (which may contain, or attach, the standard by-laws);
- a copy of the registered or proposed strata/survey-strata plan (which will show specific information about what the property consist of);
- the unit entitlement of every lot within the strata development (which essentially shows the property’s “share” in the strata development); and
- a copy of the by-laws, whether standard or amended.
Where the strata/survey-strata plan has not been registered, the original proprietor must also provide additional information which includes:
- details and costs of any service agreements to be entered into by the strata company, including any pecuniary interests held by the original proprietor in agreements to provide the services;
- the proposed budget of the strata company in its first 12 months;
- the estimated contributions to strata levies by the buyer for the proposed budget; and
- details of any leases, licences, exclusive use, or privileges, granted over common property.
Disclaimer: The information on this page is intended to be general information only and NOT legal advice. No responsibility is accepted for any errors or omissions.