10 June 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.
AND the Law Society of NSW:
For Strata living generally: