Hello PeterC
In fact it was myself and not pauline that purchased the Duplex.
Of course we have title documents.
I did so about 2-3 years ago in fact and I am still living in that said duplex now and let it be known that in fact there are ZERO issues or problems between the other duplex owner and myself, rather we have become good neighbours and friends.
We have started and maintained good healthy relations and we even help each other when we need help. There is good communication between both families and there is ZERO conflict.
I knew this would be important when I decided to buy into such an arrangement.
We live in sydney, which, as you should know is an expensive housing market. Our price is in fact what I believe is the right “market price” because yes we did our homework and similar priced properties were going for if not substantially more, then simiilar prices.
It is a double storey, double brick construction and rather new with all the fancy luxury inclusions imagineable that no one notices unless they spend the time to look closely at (which thankfully very few people do).
During purchase of course we consulted solicitors, who reviewed the contracts with us closely and closely advised of all our options to a 2 duplex strata property purchase.
Although I myself haven’t heard very much about such setups, I had encountered a few during our initial search for a new home, so I wasn’t put off, although I think that is the only thing that kept most buyers away (a good thing for me).
This purchase in fact was for a property that the original owner occupied and owned both residences and was now selling both, but he himself had not created a strata scheme yet because he was occupying both.
By the time of settlement it was left to us, the first buyer and the original owner.
The owner eventually sold the other property and then it was left to the other “new” owner and myself to set up and maintain the scheme or have it managed by a professional strata manager at a price.
Instead I consulted the NSW Fair trading office, downloaded a copy of the strata laws, researched the topic myself and asked around.
Both owners agreed we would self manage the strata.
At the first AGM that we held between both owners we had lengthy discussions about all sorts of topics.
I printed out the strata laws and by laws and we used that as a basis to start and open discussions.
I minuted the lot.
Since then we have had yearly AGM’s with little to NO issues raised.
We have agreed to pay our own expenses and share the property insurance.
Other than that, we… in the famous words of my know-it-all, nosy, but good natured friend Pauline would say… “…all i need to do is hold monthly (No make that Yearly) coffee catch ups and have a chat…..”
During the course of our stay both owners have experienced leaking roofs, minor exterior capital improvements all paid for by the respective homeowner’s themselves.
We have interests in other strata properties and my partner is on the executive committee of a unit block so strata laws & bylaws are not foreign to us.
No lawyers were harmed during and after our property purchase and no lawyers were negligent.
PeterC you are wrong by a large margin. No one would knowingly hand over $900k+ in cash for nothing to a stranger.
However, I do thank you for your warnings as I am sure you are at least only considering our vested interest in our property as no one would want to be out of pocket by 900k+ and be left homeless.
