Purchasing Stratum Title Units

2010 April 4
by iggy

There are some people who are interested in investing or living in an environment consisting of stratum title units.  What type of units are these in the first place?  Basically, stratum title units are small communities, and you cannot be considered to be living alone even if you have a separate unit.  The actions and ideas of the other residents can severely affect the satisfaction and enjoyment of a stratum title unit.  Those who are part of the system of units have to be aware that they have to adhere to certain norms and responsibilities.

This is because buying a stratum title unit means that you are buying into an “Owners Corporation” that decides and controls what happens with the stratum title units.  In essence you are a co-owner of only a portion of the property.

Furthermore, when buying a stratum title unit there are some things that you have to check to ensure that you are getting a fair deal.  Of course you have to see if the building is insured properly.  If not and the building is damaged or destroyed by a calamity such as fire or flood, then you get nothing.  You should also check if you will be able to afford the levies charged by the corporation.  Other items that should be checked are the limitations on the facilities enjoyed in common by the stratum title unit owners.  Where there are alterations made to the unit, make sure that these have been approved by the corporation.

Another thing to remember is that it is possible to get a loan to buy a stratum title unit.  This may be hard to do as most banks and lenders are not open to loaning money in order to purchase these units.  For more information on getting a home loan to purchase a stratum title unit the home loan experts can be of assistance.  They possess the knowhow and information on how to make the purchase of a stratum title unit nice and easy.

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