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Some people choose to sell their home and 'down size' by buying a unit or apartment, which are often strata titled.
A strata title is a certificate of title for a lot and a share in the common property in a strata scheme set up under the Strata Titles Act 1985.
The strata scheme dictates what you own when you buy a strata titled lot and what is common property. Before buying a strata titled property, see a copy of the strata plan to check what you will own and what is common property. This can be determined by viewing the ground floor page of the strata plan.
Some strata titled schemes may be restricted to occupation by people aged over 55 and their partners. If you purchase a strata unit within a scheme restricted to people over 55 years and you then decide you want to rent the property, you will need to ensure the incoming tenant meets the age eligibility criteria.
Some strata units are within retirement villages and are also subject to the provisions of the Retirement Villages Act 1992.
As an owner of a strata titled property, you have a number of duties, including:
Before you buy a strata titled property, check whether it is a registered strata titled lot or a proposed strata titled lot. The main difference between the two is the information the seller must give you prior to the sale. As a minimum, the seller must give you the following:
Form 28 sets out a list of all the information you should receive before buying a strata titled property and your rights if you do not receive the information. Only if you are happy with the content of the forms should you sign Form 28. Signing Form 28 is not an offer or contract to buy the strata titled property - it simply shows you have received and understood the information provided.
Make sure you have the following information:
For more information on Strata title and retirement villages please see the Seniors Housing Guide.
Landgate’s publication, A Guide to Strata Titles provides information about this type of housing option. For a copy, visit Landgate’s website or call on (08) 9273 7044.
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