Whether it is a boutique set of suburban town homes or a multi-storey mixed use inner-city high rise, most projects will need the ability to get to the market quickly and secure pre-sales before moving to the construction phase.
And the quickest way to secure pre-sales in a strata titled development is to finalise your contract disclosure statement as soon as possible.
First step, assemble your team:
Solicitor – a solicitor experienced in strata titled developments will be able to quickly identify the disclosure issues for a particular development and make sure the team is focused on delivering the correct information;
Surveyor – depending on the complexity of the project, an experienced surveyor will be able to produce a titling schedule and accurate plans in the correct format, whether that is Volumetric title, Building format title or Standard format title;
Body Corporate Consultant – a knowledgeable strata consultant offers a comprehensive service encompassing all legislative requirements, titling structure and advice on the effects of certain facilities and service contractor agreements, as well as the ability to accurately represent budgets and individual lot entitlements to the purchasers through the disclosure document.
A finalised DA;
Survey plans which show what lots are being created, along with the individual areas of those lots and common property;
The market value for the lots to enable the calculation of the Interest entitlements;
Community Management Statement (CMS) containing by-laws.
Bulk utilities;
Letting and caretaking arrangements;
Service contractor agreements;
Stormwater treatment devices;
Building Management Statement (BMS);
Any other agreement for a period longer than 12 months that incurs a cost to the Body Corporate.
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The fourth step is finalise disclosure document information such as:
Schedule of finish for the lots;
Sunset date for termination of contracts;
Power of attorney rights for the original owner;
A list of Body Corporate assets being gifted by the original owner.
The final tip is to always start with the end in mind. SSKB Developer Consultancy recommends starting with the date you want to take the property to market and work backwards. Again, depending on the size of your development, you may need to engage your contract disclosure team anywhere from two to six months out from your intended marketing date. It looks like a big job – and it is – but experienced strata titling consultants will make the process seamless.
SSKB has more than 20 years of experience managing over 34,000 lots and working with more than 500 strata communities across Queensland, New South Wales and Victoria.
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