Selling your strata lot will soon require you by law, to provide more information to a potential buyer before any contract is signed.
- This is to ensure buyers are well-informed on the strata lot and scheme they are purchasing.
What you need to know
You will have to provide your real estate agent with the information listed below.
For the strata titles scheme:
- The scheme notice, scheme plan, scheme by-laws and schedule of unit entitlements for the strata titles scheme
- For a leasehold scheme, the strata lease for the lot
- The minutes of the most recent Annual General Meeting and of any subsequent extraordinary general meetings of the strata company
- The statement of accounts last prepared by the strata company
- Information on any termination proposal that may have been put to the strata company
For the strata lot:
- Its exact location shown on the scheme plan for the strata titles scheme
- Its definition, as contained in the scheme plan for the strata titles scheme
- The unit entitlement of the lot
- If contributions have been determined by the strata company within the previous 12 months
- The amount and due date of the contributions payable by the lot owner or a reasonable estimate
- Details of any debt owed by you to the strata company, including how the debt arose, the date on which it arose and the amount outstanding
- If the lot is a special lot, details of the exclusive use by-laws that apply to the lot
This might look like a lot of information to gather, but almost all of it will be information you already have. The rest of it you can seek from the strata company or strata manager (if the scheme has one).