Prior to entering into a commercial contract to purchase either a strata title or group title property, you should seek advice not only in relation to the purchase price, but also as to what constitutes “common property”, and whether you are required to contribute to the maintenance of that property.
This may involve perusing the community management scheme.
It will also require reviewing the body corporate bylaws and minutes of meetings, looking at matters that may affect your interests.
Under the Body Corporate and Community Management Act, you will be levied by the body corporate to contribute to the administrative and sinking fund.
The amount you are levied will be determined by the community management statement, which is appended to your contract.
You will also need to ensure that all relevant insurances are put in place and what your liability could be if someone sustains a personal injury on your property.