Selling Your Strata Title Property

Chris McLennan

Chris McLennan

Sales Executive

When you sell your strata title property, there are specific things you must do that are different from selling a normal suburban house. To ensure you get the best price when you sell, read our expert advice for selling your strata title property in Queensland.

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: 

  • A warning statement in the contract of sale advising the buyer of the cooling-off period
  • A recommendation to seek independent valuation and legal advice 
  • A  Disclosure Statement which outlines:
    • 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

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. 

 

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.