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Owners Corporation Network Buying a “pre - loved” Strata Property The “intelligence” of purchasing Date: 24 November 2012 Presenter: Suzie Broome Partner Makinson & d’Apice Lawyers Strata & Community Title Contact details: mail@makdap.com.au 02 9233 9018

The Allure • Coffee • Croissants ……. and • THE DOMAIN!!!

What are you buying? • Is it part of a complex (more than one strata scheme) such that there could be a Strata Management Statement? • Is it only a residential scheme? • Are there commercial and retail lots?

You as “Sleuth” • Go to the building and walk around it • Wait until there are people about who live there – speak to them • If there is an on-site manager – engage him/her in conversation about the building • Question the vendor’s agent and be persistent in respect of the answers you need

On the ground • Do you have a car space? • Where is it? • Are there any intrusions in it such as pipes, sprinklers or ventilation ducts? • Enclosed or not? • Can you fit your car into it? • Is there room for a storage box?

On the ground • Do you have a pet? • Do you want a pet? • Does the by-law provide for pets such as the one you want or have? • Did you see or hear any pets (dogs) when you went to visit?

Shared Facilities and Levies • Are you buying into a development with shared facilities? • What does the Strata Scheme in which your desired lot is located pay towards these shared facilities (pool, gym, lifts, tennis courts, etc)? • Look at the unit entitlements on the Certificate of Title to the common property • What percentage of the total unit entitlements does your “desired” lot pay?

The Documents • Strata Plan • Strata Management Statement • By-laws • Building Management / Caretaker Agreement • Certificate of Title to the Common Property • 109 Certificate • Minutes of General Meetings – check budget and expenditure

Inspection of the Records, Lot & Building • Inspect the records at the strata manager’s office • Call Integrated to obtain advice as to who can inspect the intended purchase and the building • What do the records state about what monies have been spent and on what? • Has there been money spent on lawyers? Why? • Is there any litigation on foot?

Harmony in the Strata Scheme • This is communal living • Not everyone will love you or even like you • There will be some people that you think are bad • There will be others that you think are mad

Harmony in the Strata Scheme • Identify the “mad” and the “bad” by looking in the records to see if there have been: 1. Applications for mediations 2. Application for strata schemes adjudicator’s orders 3. Appeals to the Consumer Trader and Tenancy Tribunal (CTTT)

Still in love? • Buy the jolly thing!!!

Suzie Broome Partner Makinson & d’Apice Lawyers Strata & Community Title E: mail@makdap.com.au Ph: 02 9233 9018