When it comes to buying a unit, one of the first things a potential buyer will want to know is if there is a car park included in the sale. The car park can either be by way of an exclusive use area allocated to the unit, or part of the unit to which the buyer will get title on registration.
A selling agent should always double check the existence of a car park, prior to marketing the property, as it can greatly affect the sale value of the property.
If a lot has exclusive use of a car park, this will be detailed in the Community Management Statement which contains the by-laws applicable on the Community Title Scheme. The by-laws will specify who is responsible for the exclusive use area and at whose costs the area must be maintained. Usually this is the obligation of the buyer. If the lot has ownership of a car park, this will be detailed in the Plan.
This information is both cheap and quick to access, and can save renegotiating a new sale price if the buyer finds out they have been told the wrong thing. Agents should be very careful not to represent to buyers that a Body Corporate “will allow a car park” if there are no evidence to that effect. Any agreement relating to a car park (unless it is part of the unit on the plan or an exclusive use area specified in the Community Management Statement) should be dealt with by Special Conditions in the contract.
If you require any assistance with Special Conditions or to search the existence of a car park please contact our Property and Commercial department manager Christine Martin on 07 5506 8245 or email firstname.lastname@example.org.