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What Do I Check Before Signing a Contract to Buy a Unit?

While it is always recommended you have a solicitor to check a contract before you sign it, we suggest you pay close attention to the following…

The annual body corporate levies to see if they are reasonable. If they are too high or too low, this may cause problems in the complex. If they are too high this will devalue the unit. If they are too low then the complex may not be well maintained.

Check the bylaws as these might interfere with your use of the property and in particular whether you want to have animals staying with you.

How much money there is in the sinking fund. The older the unit, the more money you want in the sinking fund to cover building repairs.

As a general rule, smaller complexes such as duplexes or three unit complexes will be privately run so the body corporate records may not be as well kept as they are with a large complex. However, in return the costs of running the body corporate will be substantially less.

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