Recently we have received a high volume of queries on the steps required by the body corporate when a notice of transfer of the management rights agreements is received. Although this topic has been written about by many solicitors that regularly contribute to our newsletter, the most frequently read information is the version contributed by the office of the commissioner from just over 5 years back, which is still relevant as the process has remained unchanged.

Read on for answers to frequently asked questions on this topic including what decisions can and cannot be made by the committee and the required time frames to make decisions. 

Buying a strata apartment is a popular option for many people looking for a low-maintenance and convenient lifestyle. It’s often the property choice for first-time buyers because they don’t need more space [yet], they can be conveniently located, and, they sometimes have useful shared facilities like pools, gyms, etc. Plus, strata apartments are usually cheaper than houses in the same locations.

Strata apartments are also popular as residential real estate investments.

However, before buying a strata apartment, it's important to understand what strata property ownership entails, what you can expect as a strata apartment owner and some useful things to check.

So here I outline a few basics about buying and owning a strata apartment, covering the key considerations and steps you need to take.