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
Strata common property
The owners corporation can decide by special resolution that it is inappropriate for a particular item to be part of the common property. This decision must not affect the safety or appearance of the strata scheme. The owners corporation looks after common property and does all the repairs. This includes replacing and renewing common property when needed.
For answers to common questions about Strata property conveyancing and Strata Schemes, including a checklist of common property, see this FairTrading NSW FAQ.
For information about Strata living generally, see this Fair Trading NSW Guide to Strata Schemes
For information about buying into a strata scheme, see this Fair Trading NSW Guide to Buying into a Strata Scheme