Selling a Sectional Title Unit is a little different from selling a freestanding home because your unit is part of a Scheme with a community of owners that is run by a governing body (Body Corporate) and selling will require some level of permission and cooperation.
If you have decided that now is the time to sell your unit, here is what you should know about selling a Sectional Title Property.
As a seller, you will usually be the party in charge of selecting a conveyancer.
It is essential to do your research and select a conveyancing firm that understands the requirements that may be peculiar to your complex or Estate. In this instance, a local firm is always better to obtain levy clearances and rates clearances and deal with any issues that may arise with the Body Corporate or local authority.
To ensure a smooth and speedy transfer, we suggest that you start getting your documentation in order before listing your property.
When selling a home, there is specific documentation required for the successful transfer of ownership, such as the Title Deed and FICA documents.
When selling a Sectional Title property, you require the following documents/information as well:
Levy Clearance Certificate:
You must fully disclose monthly levies and any special levies that might be transferred over to the buyer. As such, a levy clearance certificate will be required to show that you are up-to-date with payments.
Body Corporate Financial Statements:
Buyers will look at whether a complex or estate is solvent before purchasing a home. They would, therefore, require the Body Corporate’s Financial Statements to assess its financial status.
A buyer’s bank may also require these statements for bond approval purposes.
Management/Conduct Rules: While not a legal requirement, a copy of your Scheme’s rules should be given to the buyer to ensure that they understand the management rules of the complex or estate.
Are you planning on selling your Sectional Title Unit? List with us.