Unit titles and body corporates
The bottom line
With a unit title you are buying into a body corporate: levies, rules, minutes and a long-term maintenance plan.
Apartments and many townhouses are unit titles. You own your unit and a share of the common property, and the body corporate manages the building. Before you sign you are entitled to a pre-contract disclosure statement, and during due diligence we read the minutes, the financials and the long-term maintenance plan.
A looming special levy or a building with weathertightness history can be invisible from the open home and obvious from the minutes.
Read this
Titles, cross-leases and unit titles
Do this
Ask the agent for the pre-contract disclosure statement and the last two years of minutes
Check yourself
What document must a unit title vendor provide before you sign?
A pre-contract disclosure statement.
What do you own with a unit title?
Your unit and a share of the common property.
Where would a planned special levy show up?
In the body corporate minutes and long-term maintenance plan.
Talk it through
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