Buying and selling a lot

Buying a lot

The buyer of a lot in a community titles scheme is buying into a community environment, where their scheme is likely to be one of several community titles schemes in the overall community scheme.

Therefore, buying a lot comes with shared ownership of common property in that community titles scheme, as well as shared ownership of the common property in the schemes to which the buyer’s scheme belongs.

It also comes with an obligation to comply with the scheme by-laws for their scheme and any other community titles schemes to which their scheme belongs.

Selling a lot

The seller must provide the buyer with information prior to the buyer signing a contract for the purchase of a lot in a community titles scheme, which relates to:

• the community titles scheme
• the lot
• the common property.

Additional information requirements apply when the seller of a lot is the original subdivision owner.

Disclosure requirements are broadly equivalent to what must be provided when selling a strata titled lot. However, some additional disclosures are required due to the tiered structure of community schemes and the relationships between them.