Did you know that buying a strata property is significantly different to buying a stand alone house?
So what's the difference? What level of due diligence should you have when buying strata or community title property? Are there more risks involved?
Today, we talked with Dr. Nicole Johnston, a senior lecturer and researcher at Deakin University, about her experience and knowledge on buying strata properties. We covered factors you need to look at when considering multi-owned property, the risks involved, and what you should do before making an offer.
If you enjoy the show, do like, rate, subscribe, and share it with others! We have loads of resources available and if you'd like to chat, email us at [email protected]
We'll see you on the inside!
1. What does it mean to own a property that is not on individual title? [03:14]
2. Reasons states and territories have different legislations [06:00]
3. What should you look out for when buying strata properties? [11:18]
4. Factors you should consider when buying multi-owned property [15:54]
5. Massive conflict in a strata meeting [20:23]
6. Read and inspect the disclosure information, contracts, and records [24:58]
7. Relying on a lawyer or conveyancer to check the records [29:07]
8. Legislations that protect property buyers [34:58]
9. Investigate more thoroughly before buying a property! [36:55]
10. Nicole's learnings after buying her first strata title apartment [41:00]
Dr. Nicole Johnston is a Senior Lecturer in the Department of Finance in Deakin Business School and a socio-legal researcher focusing on multiple aspects of multi-owned properties (strata title, condominium, apartments) including governance, conflicts of interest and legal relationships.
If you enjoyed today's podcast, don't forget to subscribe, rate and share the show! There's more to come, so we hope to have you along with us on this journey!