Buying into a Strata title


Conveyancing > strata unit Buying a strata unit? Get the answers to these questions: What is a strata title? Are there other types of title for lots? What is an owners corporation and how does it function? About the owners corporation and related information see lawsociety.com.au/community/publications More on strata titles 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. fairtrading.nsw.gov.au/Tenants_and_home_owners/Buying_property/Buying_into_a_strata_scheme.html For Strata living generally:.. fairtrading.nsw.gov.au/Tenants_and_home_owners/Strata_schemes.html