With the growing emphasis on housing intensification, the number of unit title properties could well grow.
If you are thinking of buying a unit title property, there are some unique inquiries that you should make, in addition to the standard due diligence inquiries you would make when buying a freehold property. These additional inquiries might include:
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reviewing the past Body Corporate Minutes and Reports;
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checking soundproofing of units;
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checking what the levies are and how operating expenses are allocated;
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checking if there is long-term maintenance plan, and if so, whether sufficient funds are held to cover the works, without the need to call for special levies;
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any restrictions on pets;
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any neighbouring developments; and
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whether other owners happy to live there.
Buying a property is a big investment, and it can all seem quite overwhelming.
We are very happy to discuss your purchase of a unit title property and to guide you through the process. Please feel free to contact us about this.
By Jaqueline Mayer | Solicitor
The information contained in this article is provided for informational purposes only and should not be construed as legal advice on any subject matter.
