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Legal Thought for The Week – What to consider before buying a Sectional Title Unit

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BUYING A SECTIONAL TITLE UNIT? CONSIDER THESE IMPORTANT QUESTIONS!

A little homework goes a long way when considering the purchase of a sectional title unit. Points to ponder:

  • What is sold with the unit?
  • Are there parking bays, garages and storerooms?
  • Are these facilities allocated by the body corporate in terms of the rules of the scheme, or are they exclusive use areas?
  • Do you need to make a contribution for these facilities?
  • Are there enough visitors’ parking bays?
  • Are there open pieces of land around the complex and has the developer reserved a right to extend the scheme in phases?
  • Can you have copies of the conduct rules of the complex, as well as copies of the audited financial statements?
  • What amounts are owing by the body corporate to the municipality?
  • What are the monthly levies?
  • Are there any special levies likely to be raised in the future?

 

Source - STBB Newsletter

Author STBB
Published 02 Sep 2014 / Views -
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