whats the deal???
#1
Just Joined
Thread Starter
Joined: Aug 2007
Posts: 11
whats the deal???
can anyone enlighten about the properties for sale in complexes, looking to go to the gold coast, but mostly complexes, understand you have to pay a maintenance, but do you own the property and land its on, and do they have restrictions?? (got 2 dogs & 1 cat)
#2
Re: whats the deal???
Such properties be they a duplex; a penthouse in a high rise complex; or a townhouse; a flat in a city tower block....or whatever? All come under what is known as the Strata Titles Act of 1985 because they are all registered as Strata Titles, or Survey-Strata Titles with Department of Land Information!
If you buy into a property which comes under the Strata Titles Act....... you will own your particular individual lot..... but you will also become a partner with fellow owners within the same complex.......... each of you having a share in ownership of what is known as common property within the Strata Scheme?
Each owner does have his/her individual rights; but each owner also has responsibilities that need to be exercised in partnership with other owners within the complex.
Prior to purchasing such a property; the owner has by law to let you peruse the Strata Plan and the areas you are about to purchase should be quite clearly highlighted on same so as to enlighten you as to what exactly you are about to buy?
Re pets......... the best assumption is to work on the basis that pets cannot be kept in the complex. As per the Act; the by-laws indicate that pets cannot be kept in the complex should the pet owner be advised accordingly by the Strata Company. Most complexes have a Strata Company in place which has to have been registered with the Strata plan at the Department of Land information....... the Strata company is made up of all the owners within the complex as depicted on the Strata Plan.
The purpose of the Strata Company is for them to manage the upkeep of all common property within said complex; for the benefit of all owners....... and they are required to hold such meetings as per requirement by the Act. It is in the best interest of all owners to attend such meetings as matters such as finance required for maintenance concerns are discussed and voted upon!
A Strata Company has to establish a maintenance fund for administrative expenditure; that in the interests of the complex is sufficient to ensure proper control and management of common property is adhered to. Owners in such complexes are obliged to pay what is known as a Strata Management Fee; ........ this is usually paid quarterly. Complexes usually have a joint insurance scheme in place to cover all common areas.
If you want to keep pets........ my professional advice would be for you to purchase a green title lot........ or a duplex not contained within a multi-unit complex....... and one which does not have a Strata Company in place!
Hope this info helps to clear up the confusion?
#3
Just Joined
Thread Starter
Joined: Aug 2007
Posts: 11
Re: whats the deal???
thanks so much for that, really cleared it up for me!!!!