Navigating the process of buying or selling a strata property can feel overwhelming, but understanding your rights and obligations under the Strata Titles Act 1985 is key to a smooth transaction. Landgate’s Buying and Selling Fact Sheet provides an excellent overview of what’s required from both buyers and sellers in Western Australia.
Key Points for Buyers
- Disclosure Documents
Sellers must provide critical information about the strata scheme and the lot being sold, including scheme documents, financial statements, and minutes from recent strata meetings. - Understanding Levies
Review estimated strata levies to ensure you’re prepared for ongoing costs. - Financial Health CheckExamine the strata company’s accounts to assess the financial health of the scheme and plan for future expenses.
Key Points for Sellers
- Mandatory Disclosure
Sellers must provide buyers with detailed strata information before a contract is signed, as required by the Strata Titles Act. - Settlement Risks
Failing to disclose required information can delay settlement or allow buyers to withdraw from the contract in certain circumstances.
Why This Matters
Transparency and compliance are crucial in strata transactions. By understanding these requirements, buyers can make informed decisions, and sellers can avoid complications during the sale process.
For more detailed guidance, refer to Landgate’s full resource here: Buying and Selling Fact Sheet.
At ESM Strata, we’re here to support strata property owners through every stage of the process. Contact us for personalised advice or assistance!
