Before you enter into an agreement to purchase, you should look to get professional advice about the differences involved in buying a strata title property. It is essential you look at the records of the Owners Corporation and know as much as you can about the maintenance of the building, including any special levy expenses as you need to be fully informed before you sign the contract for sale. The last thing you need is to be hit with an unexpected special levy expense.
You can inspect the records yourself (upon payment of the necessary fees) or you can arrange a strata search through your solicitor or conveyancer, the later is advised. The strata search will need to take into account the following books and records of the Owners Corporation: the strata roll; general records; plans; specifications; certificates; diagrams and other documents if supplied by the original builder at the first annual general meeting; certificate of title for the common property; the last financial statements and current; current insurance policies and the receipt for the last premium paid; other records held by the owners corporation; and records or books of account kept by a strata managing agent.