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

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