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