Selling a commercial strata property isn’t as straightforward as putting the property up for sale and moving forward from there.

Realmark Commercial industrial sales and leasing associate Michael Tozer, is urging sellers to understand the unique requirements.

“The process in selling a strata site is very different from selling a freehold asset,” he said.

"Without having the right information to provide to the seller, it can end up being a very daunting and complex process.

“Selling a property in WA has strict requirements regarding what is required to be disclosed to sellers and fully contained within the pre-contractual strata disclosure.

“This document is legally required to be signed before they enter into the full sales contract.”

Mr Tozer highlighted the following items which must be included within a pre-contractual strata disclosure:

1. A copy of the strata plan, scheme notice, scheme by-laws, scheme plan, and exclusive use-by laws

2. Documented minutes from the latest AGM and current statement of accounts

3. The amounts and due dates of any strata levies

4. Information about termination proposals put to the strata and any strata lease documentation for the lot

5. The names and addresses for service of the strata company

6. Details of any debts the seller has to the strata company (needs to include how the debt occurred and any amounts outstanding)

“This information can be easily obtained by getting in contact with the strata manager for the lot,” he said.

“They will provide all the documents required to complete the strata disclosure and to ensure no delays will occur in the sale of the property.”

He said the most important reason to have all the information as required for a pre-contractual strata disclosure is that a potential buyer can use this to declare a contract null and void with no penalties and a full deposit returned if the required information is not presented.

To discuss in greater detail, contact Michael Tozer on 0402 333 270.