Buying Unit, Flat, Townhouse
Things to consider when purchasing any property include:
- Check Contract
- Get Legal Advice
- Do Your Homework
- Document All Promises And Commitments In Writing
- Inspect
- Measure Land
- Restrictions
- Easements
- Chattels & Fixtures
- Renovations, Extensions & Recent Building Work
- Rates & Taxes
- Government Charges
- Connection Of Services
- Zoning & Town Planning
- Funds
- Foreign Investor
- Auction
- Cooling Off
Also Consider When Buying
Unit, Flat or Townhouse:
- COMMON PROPERTY:
Check if there is common property on the Plan of Subdivision. - INSURANCE – COMMON PROPERTY:
Has the Owners Corporation (formerly Body Corporate) complied with its obligations to insure the common property? Are there any special levies applicable? Is the Owners Corporation suing a member of the Owners Corporation or being sued? - INSURANCE- BUILDING:
Does the Owners Corporation insurance also cover the buildings as well as the common property, or is each individual owner responsible for their own building insurance? - RULES:
You should carefully investigate the Rules of the Owners Corporation, as the rules can impose restrictions which affect your use and enjoyment of the property. - LOT ENTITLEMENT & LIABILITY:
Are the lot entitlement and liabilities shown on the Plan of Subdivision appropriately apportioned for each property that forms part of the building? - OWNERS CORPORATION MEETINGS:
Check if any proposals or agreements are in place which will effect your enjoyment and use of the premises.
NOTE: This is information of a general nature only and cannot be relied upon as all encompassing. You must seek legal advice specific to your purchase and never commit to an agreement unless you have obtained that legal advice. Contact us for further information.
Common Property, Lot Entitlement and Liability...
