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I am thinking of selling my apartment and buying a better one in the same building and strata scheme.
In doing so, as part of the transaction, I want to swap the parking spots … so I keep the one I have now on my current Title and transfer the spot in my new apartment to the Lot I am selling. Just a straight swap.
Assuming I can get the vendor of the apartment that I am buying to agree to this, how would I go about it and has anyone any experience on this or words of wisdom ?
Do I need the agreement of the Owners Corporation ? Does this change unit entitlement and Strata Fees attached to each apartment ?
Any advice much appreciated.
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Replies
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I’m sure it’s possible, but note necessarily easy, or cheap. What State are you in will also play a part I guess. Off the top I’d think whatever can be done would be done easier if you owned both properties at the same time, make the changes, then flip the out going one. Here’s a NSW scenario I googled and you should do the same. I liked the idea of, if not going to the effort, see if you can set up a long term lease between 2 lot owners for this which simplifies things and would definitely be less money and less business of the Body Corp. All up for anything to happen you will need professional assistance. Cheers, C
http://www.nswlrs.com.au/about_nswlrs/strata_scheme_questions/swap_car_spaces
Are the car spaces part of the single lot or are they on separate lots? That should make it easier, but in any case you’ll probably need to “own” them both simultaneously to do it. Your conveyancer should know how to proceed.
The strata plans will need to be redrawn and re-lodged with Land Titles Office. It wont necessarily change unit entitlements unless the parking bays are different sizes. But it will be quite the exercise.