Questions you should ask when buying into a Strata Title Scheme

• Is the building and public liability adequately insured?
• Has a building valuation to support amount of insurance been obtained in the past 5 years?
• Does the scheme have an adequate sinking fund, taking into account the age of the building, the current state of repair and the type of construction?
• What are the quarterly levies and can I afford them? Are any increases to these levies immanent?
• Are there any outstanding building works, unpaid invoices, etc. that could result in a special levy?
• Is the annual sinking fund allocation adequate and has a Sinking Fund Forecast been prepared for next 9 years?
• Are there any current or proposed litigation matters involving the Body Corporate?
• Are there any limitations or restrictions on the use of common property which may affect me?
• Are there any outstanding public liability claims involving the Body Corporate?
• Are animals permitted, and how are they approved? and if so, are there any restrictions or conditions?
• Have any alterations to the unit been approved by the Body Corporate that the owner is responsible to maintain?
• Have the Exclusive Use areas been allocated and registered at the titles office?
• Are there ongoing noise issues, parking problems, storage allocations or restrictions of the use of common property?

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