I wanna buy a couple of units on a block of eight strata titled units on a single title.
However, there is no body corporate and no insurance and legal liability. So if something happens on common prop, owners in deep doodle.So prior to buying, what are the implications and what can i do prior to taking legal responsibility of the property to sort this problem. How do I corporate these units?
cheers
Unless there is a clear [and short-term] financial benefit to acquiring these units – which outweighs the apparent risk, this would not appear to be a good investment.
Aside from the liability issues, the absence of a body corporate committee/agreement can, and probably will, negatively impact the value of your investment.
A Body Corporate is comprised of the owners of the strata titles, and is administered under the “Unit Titles Act”.
— Michael
You could always approach one of the Strata Managers and have a chat to them.
I don’t know how you go about appointing them without the consent of some of the other owners. I know friends of mine were going to do it – they owned 3 of 4 units, and had no bc, but were about to change this as the 4th owner was being a pain in the butt about insurance etc. They didn’t go through cos eventually the other owner sold them the unit….
Cheers
Mel
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