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Selling Your Strata Title Property

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Damian Ramage

Property Sales Consultant

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. To ensure you get the best price when you sell, read our expert advice for selling your strata title property in Queensland.

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:

Whether the strata property has a Body Corporate Manager or the Body Corporate is self-managed
Current levies
Whether there is a Committee or a Body Corporate Manager engaged to perform the functions of the Committee
Assets of the Body Corporate
Identify improvements of the common property that the new owner will be responsible for|

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Fincancial benefits of shared ownership

When selling your strata title property, your marketing should emphasize the financial benefits of owning a strata title property.

In your marketing material, you should seek to tell prospective buyers that with a strata title they will benefit from:

Lower cost relative to the land - Buying into a strata title property is less expensive than buying a free-standing property with the same number of bedrooms, bathrooms, etc. This is due to the fact that with a free-standing home, you pay a premium for land.
Decreased council rates - Council rates are based on a property's overall value. The owner of a strata title property owns a portion of a larger structure, so they will pay a corresponding fraction of the council fees.
Lower insurance premiums - All properties require insurance. Strata title properties are smaller and generally more secure than free-stranding homes. As a result, the cost of insurance in much cheaper for a strata title than other types of property.
Strata fees are paid quarterly - This gives owners the certainty to plan a budget in advance, with a clearly defined timeline.

Asking buyers to share in the ownership of a larger property rather than have singular ownership over a house can sometimes be difficult.

By communicating the benefits of owning a strata title property, you can win over potential skeptics and have more potential buyers.

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.

By-Laws

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:

Common areas - Driveways, car parks, shared walls, stairwells, and other areas used by all members
Pets and service animals
Exclusive use - Gives an occupier special rights over a part of the common property or a body corporate asset.
Enforcement - A body corporate is responsible for enforcing its own by-laws. There are a series of escalating steps to take when a member of Body Corporate breaks the by-laws

Make sure these by-laws are communicated to a potential buyer.

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Emphasise Strata Property's Features

Modern strata title properties will usually have communal features and benefits that will increase the saleability of your strata title property.

These include such as:

As well as this, the location of the property is an essential selling point as well. Highlighting nearby ammenities such as public transport hubs, shops, schools, childcare centres, doctors, playgrounds, and parks can be a major selling point for potential buyers.

By emphasising these features, you are get more potential buyers and a higher selling price.