Strata Title Property
When you sell a Strata Title Property, you are not selling a regular property. You are selling one piece in a larger Body Corporate with its own rules, regulations, and expectations.
As the seller of the Strata Title property, you must keep in mind several important factors to ensure a successful sale.
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Contract of Sale
The contract of sale for a strata title is completely different than for a house. Using the wrong format will void the contract completely. There are important disclosure requirements when you sell a strata title property. Failure to include the body corporate disclosure statement and other important documents will put your sale in jeopardy.
As part of your contract you must include:
Make sure all relevant documents are given to the buyer.
Use Detailed Reporting to Your Advantage
Before you sell, make sure that you collect and provide detailed reports on the finance and operation of your body corporate.
A prospective buyer will not want to get involved in a body corporate that mismanages finances and wastes money. If there is not enough money in the sinking fund, each owner will be hit with a special levy to fund common property maintenance and works.
Providing a copy of the most recent body corporate budget and annual report will reassure prospective buyers that there are sufficient funds in the sinking fund and body corporate budget to pay for future expenses.
Provide a copy of all relevant by-laws to be observed by the buyer. Most by-laws across Queensland strata titles are quite similar.
These by-laws govern things such as:
Make sure these by-laws are communicated to a potential buyer.