BUYING A STRATA or COMMUNITY TITLE

Anyone thinking of buying into a scheme should, before signing a contract, make sure they understand the operations and finances of the particular corporation. On application by an owner or prospective buyer, a corporation must provide information on the following:

How much money must be paid for the upkeep, maintenance and management of the common areas, including arrears.

Assets and liabilities of the corporation.
Details of any expenses incurred or about to be incurred by the corporation, such as painting or gutter replacement.
Copies of minutes of general meetings and management committee meetings for the last two years.
Statements of accounts and financial records of the corporation.
Articles or by-laws of the corporation currently in force.
Current insurance policies.

The corporation may charge a fee for providing copies of this information.