Hello,
I am currently looking at a 2BR unit. It's strata-titled. There are three properties in the strata scheme: an original house and two units built behind it.
While there is a strata scheme in place, there is no body corporate. I've been advised by the agent this is quite common for older strata schemes in the area. I asked what happens when there is an issue with common property, and she said: "The owners get together and decide what they want to do."
My first questions - is this legal, to have a strata scheme with no body corporate?
And secondly, am I asking for trouble, investing in a strata-titled property, with no funds or facility set aside for issues with common property?
I feel uneasy about it . . . .
Thoughts, learned people?
I am currently looking at a 2BR unit. It's strata-titled. There are three properties in the strata scheme: an original house and two units built behind it.
While there is a strata scheme in place, there is no body corporate. I've been advised by the agent this is quite common for older strata schemes in the area. I asked what happens when there is an issue with common property, and she said: "The owners get together and decide what they want to do."
My first questions - is this legal, to have a strata scheme with no body corporate?
And secondly, am I asking for trouble, investing in a strata-titled property, with no funds or facility set aside for issues with common property?
I feel uneasy about it . . . .
Thoughts, learned people?
Strata apartment with no body corporate. Opinions, please?
