Hi all
I'm interested in a property and it has a community title and i was told by the agent that i still need to pay sinking fund and levy.
I'm a bit confused as this sounds a bit unusual to me:
1) what are the differences between community title and strata title? i did a google search and couldn't find too many useful info.
2) will it be harder to sell a community title property than a strata title property? The agent said no, but i'm not sure if he
tole me the truth or not.any help much appreciated
AOThey are one and the same thing. Community Title Schemes cover all Strata Title registrations and as such they will have common property areas which will require future maintenance hence the requirement for a 'Sinking Fund'. In Queensland these funds have a prescribed method for calculation and are the best thing that has happened to Community Titles since Adam was a boy. Don't think of them as an evil but as a forced saving to pay for maintenance to your asset as it is required. It is after all money in the bank (your bank). Properties with little money in the sinking fund are worth less than equal properties with a healthy balance.
Jon
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