Originally Posted By: lwillick This post was automatically imported from our archived forum.
How many of you guys inspect an entire condo building, or a portion of a condo building when you are inspecting the non-strata condo unit the purchaser is buying ? If you are doing strata areas, do you realize that you can be held accountable for up to six years. Let the strata council hire engineering companies to inspect the building. You are not getting paid ten thousand dollars or any thing near that to take responsibility for the roof or for any other part of a strata complex building. Stay out of the elevator shafts and stay off of the roofs of these buildings. Keep your inspection to what the purchaser is buying. Also do not go over the strata meeting minutes, you can again be held liable. Most of the realtors will not go over the strata meeting minutes with their clients either. Remember you are not getting paid the big bucks.
Originally Posted By: wblakey This post was automatically imported from our archived forum.
Stratum Title
In a stratum subdivision the building is subdivided into lots, with common land, i.e. driveways, stairwells, gardens being owned by a service company and appearing on the subdivision as an additional lot.
Stratum units are regarded as unattractive because of difficulties and complexities involving the operation of the company, Corporations Law obligations, and a reluctance on the part of lenders to accept them as security.
Each lot owner holds a certificate of title for their lot, together with shares in the service company. The lot owners enter into an agreement which governs matters concerning owners' responsibilities and contributions to the operating expenses associated with maintenance of the common land.
Purchaser intending to obtain finance for the purchase of a stratum unit should first check with their lender to ensure that the unit will be accepted as security. Purchasers attending auctions are often at risk because there is little opportunity to have the Section 32 Vendor's Statement checked by a lawyer, and they may be unaware that the property is a stratum unit!