Purchase vetting and understanding body corporates

I have just placed a contract on a detached house in Qld that has a body corporate and I've only dealt with freehold title properties before.

Would really appreciate any links to how to vet the body corporate for issues, how to understand the paperwork, how to communicate with the body corporate, and anything I should do in this situation as a BC newbie?

Of course I did a search but it's a large topic with so many results that weren't quite on target, so any help even links to the appropriate threads much appreciated!

 

Your solicitor will engage someone to perform a strata search which involves reviewing the strata minutes for any issues and report to the solicitor.

 

Thank you Scott, that's reassuring.

I've also reviewed the AGM minutes. The only two things I spotted are that the body corporate appears to own a property and rent it out, though perhaps that's a caretakers home, and that the costs are being increased as the community is now over 20 years and increased maintenance is cited.

 

I think the main thing is understanding what you're buying exactly when you buy into a strata. Seems a bit odd that it's a detached house yet in what appears to be a large strata complex? Sounds like the worst of both worlds.

 

It's the only way to access property high on the hill overlooking that particular beach.

 

Quite a few 'master plan' developments in QLD doing this now, with shared facilities (gym, pools, saunas, recreation buildings, onsite security etc) 100's of freestanding homes paying Body Corp fees