Selling a Company Title Home Unit

Selling a Company Title home unit is not unlike selling a Strata unit. Both kinds of dwelling are part of a building where other people live, and not separate structures. However, as when are buying, remember that when you sell a Company Title unit, you are selling shares and not property.

You need to organize a contract and arrange for an agent to market your unit. Agents in areas with Company Title units are usually familiar with any differences between these sales and others.

When gathering data for the contract, contact the company manager to see if there are any available documents that will help you with your preparation.

You will need the following information:

• A title search of the land owned by the company;
• A company search of the company with ASIC;
• A copy of the shares registered in the owner’s name;
• The last annual accounts of the company;
• A copy of the minutes of the last Annual General Meeting;
• A zoning search (under s.149 of Environment Planning; Assessment Act) provided by the Local Council;
• A drainage diagram;
• A copy of the company’s rules and regulations.
  

Some companies have particular requirements relating to the transfer of shares and will not process the transfer application until a ‘vendor’s pack’ has been purchased from the company secretary.

For more information, email John F. Morrissey and Company, lawyers.