Page 16 - Real estate: a guide for buyers and sellers

Real estate: A guide for buyers and sellers

BUYER’S TIP Property schemes

Buying in an owners corporation means Properties can be held under different
living with common property– and schemes. For example, if you’re buying
certain rights and responsibilities apply. a unit, flat or apartment, you could be
purchasing a share in a company title
Get more information at consumer.vic.gov.au, arrangement, a stratum title or a strata
download the Guide to owning, managing and title. Get advice from a legal practitioner
living in an owners corporation. or conveyancer about how the type of
title will affect your ownership, rights and
Before buying, make sure you carefully responsibilities.
check:
BUYER’S TIP
• the cost of being a member of an
owners corporation Obtain independent legal advice before
you buy a unit, flat or apartment to
• how the owners corporation operates, find out about the advantages and
including whether it uses an owners disadvantages of holding a title under
corporation manager the different property schemes.

• the vendor’s statement If you are buying an investment property,
• the owners corporation certificate, check with your accountant, financial
advisor or the Australian Tax Office
attached to the vendor’s statement, about allowable deductions for rental
which states whether there are any properties.
proposed works, fee increases or
potential or existing legal claims
affecting the property
• the plan of subdivision, to determine
lot boundaries and common property
• the contents and conditions of the
contract of sale
• the owners corporation rules
• any leases or licences
of common property
• minutes of previous annual
general meetings.

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