Many people in the market for a home unit are drawn to Company Title buildings because of their obvious attractions: handsome foyers, attractive locations, and living spaces with such areas as sunrooms and separate pantries.
However, when you buy a company title property, you are not buying either land or the airspace you live in. You are buying shares in a company that has been set up to run the building.
Many of Sydney’s remaining Company Title buildings are in Potts Point, Elizabeth Bay, Darlinghurst, and on the lower north shore. At JFM Property Lawyers, we have extensive knowledge of conveyancing for company title units, which can sometimes be more complex than dealings on a unit with a strata title.
Be aware of what you are buying
On the front page of a Strata Title contract there will be reference to the Law Society’s standard form of contract, but the contract for a Company Title home unit is usually headed ‘contract for the sale of shares’.
You should also be aware of the following before you settle on your new home:
- How Company Management in a Company Title block works
- Living in the building, including rules, refurbishment and disputes
- Possible complications with Letting or Leasing out your unit
For general advice, see our: