All Topics / Help Needed! / What to research in regard to body corporate?

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  • Profile photo of ShellTShellT
    Participant
    @shellt
    Join Date: 2011
    Post Count: 11
    January 23, 2012 - 12:25 am

    I have been looking for my first IP – a 3 bedroom house requiring a cosmetic reno.  After quite a lot of research I came up with some criteria based on area, budget, features, condition of property etc.  I have been looking for a property now for months and have not found it. 

    So now I want to start to research townhouses.  There seems to be a lot to learn.

    What should I know about a potential townhouse IP in regard to body corporate?  What questions should I ask?  What should I be careful about?

    Thanks
    Shell

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 23, 2012 - 1:53 am

    Hi Shell

    Easiest thing to do is ask selling agent to provide you with a copy of the minutes of the last Annual Body Corporate meeting as this will give you a lot information in regards to the state of the complex, planned expenditure and also the level of the Bank Account in regards to the Sinking Fund.

    Should be a 6/7 page document but will reveal a lot of information.

    Any Vendor worth his salt who wants to really sell his property will make this available.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

Viewing 2 posts - 1 through 2 (of 2 total)

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