What to Consider Before Selling Your Strata Property
6 August 2018
Selling any property can be a daunting and complex process, but selling property in a strata scheme can be quite different from selling regular freehold. In this article, we consider some of the quirks and nuances involved in getting your strata property back onto the market.
Whether it’s a family home or simply an investment, the time comes when property needs to be sold and, for owners in strata schemes, there are a few unique matters that need to be addressed. Most of these come from the fact that strata scheme by-laws apply to limit some of the steps you would ordinarily take in preparing your home for sale.
- For instance, whereas street-facing areas and gardens of a freehold property will generally be available to the owner for sale signage, in a strata development those areas will generally be common property and, as a result, under the collective control of the Owners Corporation under the by-laws.
- Similarly, where the owner of a family home can control when repairs, maintenance and other major works are done and can schedule them around any inspections or auctions (and make sure that they are completed in time for inspection and sale), these processes for strata schemes are organised by the strata manager and strata committee, often without direct involvement from individual owners.
- Strata by-laws may also operate to limit specific aspects of the sale process, such as when public inspections may occur and how the property is marketed, and may also impact on other matters which may not necessarily have been relevant for you, but may be important to prospective purchasers, such as pet ownership.
In essence, the benefits of collective ownership and external management which are often considered virtues of strata living can, unless correctly managed, become inconveniences at best or, at worst, hurdles to the effective marketing and sale of your property.
As with all things strata-related, the first port of call for owners should always be your strata manager. Your strata manager will be able to step you through the by-laws and make sure you know what you can and can’t do without permission from the strata committee. They can help you to deal with the strata committee for any matters that require committee consent, and to locate all relevant documents and paperwork for the contract of sale.
Your strata manager will also be able to provide you with an outline of any capital works or repairs scheduled, and may be able to move some of these dates to accommodate your proposed timetable in some instances.
If you are considering selling your property soon, or even just interested in starting a conversation about it, get in touch with your strata manager for further details today!