Many people in the market for a home unit are attracted to
older buildings because of their obvious attractions:
handsome foyers, attractive locations, and living spaces
with such things as sunrooms and separate pantries.
If you see a building like this, it is worth asking the
agent whether it has a Company Title. (Some older buildings
began with Company Titles but have since been converted to
Stratas.)
The agent will know and usually has copies of the contract
at ‘open for inspections’. If not the agency can soon
supply one.
On the front page of a Strata Title contract there will be
reference to the Law Society’s standard form of contract,
currently the 2006 edition.
On the front page of a Company Title home unit contract
there is no reference like this. The contract for a Company
Title home unit is usually headed ‘contract for the sale of
shares’.
For
more information,
email
John F. Morrissey and Company, lawyers.