Buying in a Strata or Community Scheme - NSW

What matters you should be aware of if you are buying in a Strata or Community Scheme?

If you are buying in a Strata or Community Scheme, you should be aware of:

  • current and proposed periodic levies and any special levies;
  • financial status of the scheme (e.g. whether the strata/community title fund is healthy or there is a deficit)owners corporation decision making;
  • insurances (e.g. what is covered under strata/community title insurances and what you need to insure once you become the owner of the property);
  • building defects and works required on the common or association property, such as:- the removal or replacement of external cladding identified as combustible;- structural issues, e.g. cracks, water leaks etc;
  • which could result in significant levies being imposed on the lot owners;
  • history of works carried out on the common/association property and the lot being purchased that may be of interest to you;
  • the lot owners’ rights and obligations under Strata By-laws, Community Management Statements (e.g. the requirements to obtain strata approval for renovation, keeping of pets, etc)scheme harmony including any past and ongoing disputes within the scheme.

Obtaining a Strata / Community inspection report can help in assessing these matters.

The report can be obtained through ordering an inspection of the Strata / Community Title records with a strata / community title inspector. It generally includes a history of the building or complex, the financial status of the scheme, current and proposed building works, special levies, past works history and any compliance issues.

Disclaimer: Every property transaction is different, and the information provided may not be relevant to your circumstances. By using this site you agree that the information provided is for general purposes only and does not constitute legal, financial, or professional advice.

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