Buyer Rights Explained
4 Tips for Buying into Strata Schemes
Strata schemes, also known as body corporates, are very common in Australia. If you’re buying into a strata scheme, this article outlines four useful strategies to keep in mind. Your conveyancer can also provide you with advice as is appropriate for your case.
What’s a Strata Scheme?
A strata scheme is any building or a group of buildings in which individual owners hold title over small portions of the property (a lot) and all the individual owners also share ownership over common property. For example, the owner of an apartment owns the apartment but also shares ownership over common areas such as communal tennis courts, swimming pools, corridors, and other shared spaces.
Since buying into a strata scheme involves shared ownership and enjoyment of shared spaces, it’s quite different from buying other types of residential properties. It’s important for intending purchasers to be aware of their rights, responsibilities, and obligations before they buy.
What to Do When Buying into a Strata Scheme
Guide to Cooling-Off Rights for Sales of Land
Most state and territories in Australia have a cooling-off period for sales of residential property. While a conveyancer can provide you with specific advice, this quick guide is a great starting point for getting to know your rights and obligations with respect to cooling-off period for a purchase of residential property New South Wales.
What’s the Cooling-Off Period?
The cooling-off period commonly refers to a period of time after a contract for sale of residential property is entered into, during which the contract can be cancelled (i.e. rescinded so it is as if it was never entered into).
Tasmania is currently the only Australian state or territory without a cooling-off period for property purchases; however, the Real Estate Institute of Tasmania has stated that Tasmania is expected to introduce cooling-off provisions in line with the other states and territories.