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Checklist when buying a unit or lot property

Before signing a contract of purchasing a unit or lot property, you should make sure that you understand the operations, finances as well as related information. Help yourself by noting down the below checklist of buying a unit or lot property:

  • Information about the seller/the current owner/previous owner of the lot: Besides the information you get from them, it is important to search for independent sources or advice on documents related to them to have a broader perspective about the corporation.

  • Dispute resolution system: How the corporation or the owner of the lot deal with arguments?

  • Visiting and parking: for your visitors, are there any limitations and rules they should take notice of?

  • Unpaid contributions related to your unit or lot: Are there unpaid depts left related to your unit or lot?

  • Contributions and charges: Which fees will you be charged to you unit as compared with average range and other corporations?

  • Sinking fund or reserve of money: Is there a ‘sinking fund’ held by the corporation for emergency expenses and major maintenance costs such as painting, periodic maintenance?

  • Extra facilities for the disable: Will the unit, building or site be accessible for the disable or equipped with suitable modifications to support them?

  • Maintenance services: What maintenance services are provided? What are the charges for these?

  • Access restrictions: Are there any limitations on the use of your unit/lot and the common property?

  • Warehouse/ Storage: How can you keep your caravan/boat/bicycle? – Pet-friendliness: Is it possible to keep pets or bring pets into the building?

  • Costs & Expenditures: Is the corporation planning any major expenditure that I may be asked to contribute to?

  • Structure issues: Are there any structural problems in the building?

  • Master plan of your unit: Can you see the copy of the plan that defines my unit or lot? Do the boundaries of the unit/lot agree with boundaries shown on the plan?

  • Community Scheme: If a community scheme, what level of the scheme am I buying into? Is it a primary, secondary or tertiary scheme

Check list when buying unit property or lot property
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Advoiding common real estate traps
Avoiding common real estate traps

Purchasing a property is an important financial and legal commitment. Don’t do it yourself. Get a professional who knows the process inside and out.

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