You should ensure you:
When you buy a townhouse or unit (community title) you take on a relationship with the other owners and the body corporate such as:
The body corporate is made up of all the owners. It decides issues about the common property, concerns of owners and maintenance of the complex.
Owners regularly contribute money to the body corporate for day-to-day ongoing expenses and anticipated long term costs.
You should ask your solicitor to explain the ramifications of buying community title.
Your solicitor will:
All residential property sales in Queensland are subject to a buyer’s cooling-off period of five business days commencing on the date the buyer or their lawyer receives a copy of the contract signed by both the buyer and the seller.
If you, the buyer, decide not to proceed with the sale within that period, you must give notice to the seller in the specified way to cancel the contract; you must pay the seller 0.25 percent of the purchase price of the property. If your deposit exceeds that 0.25 percent, the balance must be refunded to you.
No cooling-off period applies to buyers who purchase at auction on the fall of the hammer. The cooling-off period applies if a property is passed in at auction and a bidder subsequently buys the property.
Warning: This content is not designed to replace professional advice. It has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the advice, in light of your own objectives, financial situation or needs before making any decision as to whether this scheme is appropriate for you.