FINANCIAL STABILITY OF THE COMPLEX
Looking to purchase a sectional title unit?
Have you considered the financial stability of the scheme?
The Body Corporate remains responsible for the repairs, maintenance and upkeep to the common property, proper insurance and various other matters within the Sectional Title Scheme.
It is therefore important that purchasers give careful consideration to the financial stability of the scheme before making an offer on a unit.
Buyers may request to see the Annual Financial Statements of the scheme in order to determine how the Body Corporate allocates and spends funds collected in respect of levies etc.
Keep a special lookout for amounts retained in emergency funds, savings and any debt which the scheme may have.