Ensure a Smooth Transition into Your New Strata Lifestyle
Have you asked the right questions about your strata purchase?
Imagine a lifestyle where you can enjoy an onsite gymnasium, lap pool, spa, tennis court and maybe a theatre or games room. These are some of the services offered in strata complexes throughout Perth, and for many people these types of facilities might otherwise not be available in traditional residential property. Many West Australians own and live in strata title properties and it has become increasingly popular for these lifestyle reasons.
For most West Australians this will be the largest investment of their lifetime; consequently this process can be very stressful. You are coordinating with Real Estate Agents, Bank Managers and Settlement Agents, all whilst coping with the everyday issues of life. Your focus is on making the right decision for you, your family and your future. With so much to handle it is easy to miss key information that may influence your investment choices. Most people purchase into a Strata Complex without fully realising exactly what it is they are purchasing. This can result in future distress and unexpected large expenses.
For example, a new lot proprietor should ask themselves:
Does my purchase include the walls? What about the roof area?
Will I have the rights over my windows, doors and balcony areas?
Are there specific rules that I should know about?
What about my pets? Are they allowed?
Do I get a parking space with my purchase?
Does my property include access to all of the common facilities?
Can I access the gym any time?
Industry experience has shown that more than 90% of the Strata Lots purchased in Western Australia proceed without the viewing of the books and records of the Strata Company. This places a purchaser in a vulnerable position and unaware of their ongoing responsibilities.
So what do I need to know?
The strata landscape in Perth has transformed considerably over recent years with further changes pending for late 2019.
The Strata Plan is a document which provides information in relation to the boundaries of each of the individual Lots within the strata scheme. The Common Property areas (such as the pool or gymnasium) may not be defined on the Strata Plan as these have shared ownership by the collective lot proprietors called ‘the Strata Company’. Maintenance issues within the Common Property areas are repaired and maintained by the lot proprietors collectively (the Strata Company), and funded via the collection of regular levy payments from each of the lot proprietors. The proportion you pay of these regular levy payments is based on the schedule noted within the Strata Plan document or the bylaws.
The Strata Plan and its attachments (the Management Statement and/or the bylaws) provide guidelines for the structure of the Strata Company, while the books and records provide a summary of the culture of the community group, how they manage their affairs, the financial position and any pending projects or concerns. The records can be extensive and sometimes confusing however may contain crucial information you need to consider when looking to purchase into that Strata Company.
So make it simple! We deliver a review and assessment of the Strata Lot, the Strata Plan and the books and records of the Strata Company in an easy to understand report, providing a clear and concise snapshot of your impending purchase. We offer an independent service with no affiliation to any agencies, with our services available to real estate agents, conveyancers, developers, purchasers and vendors alike. Let us help you make an informed decision to ensure a smooth transition into your new community strata lifestyle, or provide complete transparency for the new purchaser of your apartment.
So What’s Included In Our Assessment?
We review the Strata Lot, the Strata Plan and the books and records of the Strata Company and collate what we find into a comprehensible report empowering you to make informed decisions on your strata purchase
The information contained in our report is composed from the information made available during the inspection of books and records of the Strata Company, and on reading the Strata Plan document and attachments. Our report does not constitute legal advice and you may wish to seek legal advice in relation to specific matters.