Buying property can be difficult for a number of reasons, one of which is the partial disclosure of information or withholding of data from a strata report.

But why is this prevalent and what barriers prevent buyers from being fully informed about a property before they purchase it? Who ultimately decides what information can be accessed before buying a strata property?

Today, Dr. Nicole Johnston of Deakin University tackles the issue of inequity in the property buying process, specifically around multi-owned property, whether or not the law helps protect consumers in this area, what a good strata report looks like, levies, and heaps more!

If you enjoy the show, do like, rate, subscribe, and share us on social media and if you have your own questions you need clarity on, email us at questions@theelephantintheroom.com.au!

See you in the episode!

 

Episode Highlights:
What are you actually buying into when purchasing an apartment? [02:38]
The concept of “buyer beware” & vendor disclosure [05:37]
Is the legislation descriptive enough for buyers to make good decisions? [12:21] 
Understand what a good strata report is from a bad one! [19:57]
Why do owners corporation managers withhold information? [20:46] 
How can you decide if you don’t understand the information presented? [24:27]
Are low strata levies actually a good thing? [27:01]
Do strata managers have standards for record-keeping? [30:21]
The importance of having records to peruse before buying [35:29]
Sellers are obligated to verify their own property’s data report [38:52]
When owners corporations DON’T list down property issues & decisions [41:21] 
Common questionable practices off-the-plan buyers can fall into [46:26]
Not all contracts or agreements protect the buyer [53:08]
Nicole’s property dumbo [54:36]

 

About Nicole:

Dr. Nicole Johnston is a Senior Lecturer in the Department of Finance in Deakin Business School and a socio-legal researcher focusing on multiple aspects of multi-owned properties (strata title, condominium, apartments) including governance, conflicts of interest and legal relationships. 

 

Connect with Us:
Looking for a Sydney Buyers Agent? www.gooddeeds.com.au
Work with Veronica: https://linktr.ee/veronicamorgan
Looking for a Mortgage Broker? www.wealthful.com.au
Work with Chris: hello@wealthful.com.au 
Send in your questions to: questions@theelephantintheroom.com.au 

 

Find this episode on our website: https://www.theelephantintheroom.com.au/podcasts/206

If you’ve enjoyed this episode, don’t forget to like, share, rate and subscribe for more!

Buying property can be difficult for a number of reasons, one of which is the partial disclosure of information or withholding of data from a strata report.
But why is this prevalent and what barriers prevent buyers from being fully informed about a property before they purchase it? Who ultimately decides what information can be accessed before buying a strata property?
Today, Dr. Nicole Johnston of Deakin University tackles the issue of inequity in the property buying process, specifically around multi-owned property, whether or not the law helps protect consumers in this area, what a good strata report looks like, levies, and heaps more!
If you enjoy the show, do like, rate, subscribe, and share us on social media and if you have your own questions you need clarity on, email us at <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a>!
See you in the episode!
&nbsp;
Episode Highlights:
<ol>
<li aria-level="1">What are you actually buying into when purchasing an apartment? [02:38]</li>
<li aria-level="1">The concept of &ldquo;buyer beware&rdquo; &amp; vendor disclosure [05:37]</li>
<li aria-level="1">Is the legislation descriptive enough for buyers to make good decisions? [12:21]&nbsp;</li>
<li aria-level="1">Understand what a good strata report is from a bad one! [19:57]</li>
<li aria-level="1">Why do owners corporation managers withhold information? [20:46]&nbsp;</li>
<li aria-level="1">How can you decide if you don&rsquo;t understand the information presented? [24:27]</li>
<li aria-level="1">Are low strata levies actually a good thing? [27:01]</li>
<li aria-level="1">Do strata managers have standards for record-keeping? [30:21]</li>
<li aria-level="1">The importance of having records to peruse before buying [35:29]</li>
<li aria-level="1">Sellers are obligated to verify their own property&rsquo;s data report [38:52]</li>
<li aria-level="1">When owners corporations DON&rsquo;T list down property issues &amp; decisions [41:21]&nbsp;</li>
<li aria-level="1">Common questionable practices off-the-plan buyers can fall into [46:26]</li>
<li aria-level="1">Not all contracts or agreements protect the buyer [53:08]</li>
<li aria-level="1">Nicole&rsquo;s property dumbo [54:36]</li>
</ol>
&nbsp;
About Nicole:
Dr. Nicole Johnston is a Senior Lecturer in the Department of Finance in Deakin Business School and a socio-legal researcher focusing on multiple aspects of multi-owned properties (strata title, condominium, apartments) including governance, conflicts of interest and legal relationships.&nbsp;
&nbsp;
Connect with Us:
<ul>
<li aria-level="1">Looking for a Sydney Buyers Agent? <a href="http://www.gooddeeds.com.au/">www.gooddeeds.com.au</a></li>
<li aria-level="1">Work with Veronica: <a href="https://linktr.ee/veronicamorgan">https://linktr.ee/veronicamorgan</a></li>
<li aria-level="1">Looking for a Mortgage Broker? <a href="https://www.wealthful.com.au/">www.wealthful.com.au</a></li>
<li aria-level="1">Work with Chris: <a href="mailto:hello@wealthful.com.au">hello@wealthful.com.au</a>&nbsp;</li>
<li aria-level="1">Send in your questions to: <a href="mailto:questions@theelephantintheroom.com.au">questions@theelephantintheroom.com.au</a>&nbsp;</li>
</ul>
&nbsp;
Find this episode on our website: <a href="https://www.theelephantintheroom.com.au/podcasts/206">https://www.theelephantintheroom.com.au/podcasts/206</a>
If you&rsquo;ve enjoyed this episode, don&rsquo;t forget to like, share, rate and subscribe for more!

Who's really in control when you buy a property?

The Elephant In The Room is where the things that no one wants to talk about, actually get talked about.  

Veronica Morgan, real estate agent, buyers agent and co-host of Foxtel’s Location Location Location Australia & Chris Bates, financial planner, mortgage broker and wealth coach have joined forces to find out what’s really going on in the world of real estate.

Veronica and Chris talk to property owners and buyers every day in their respective lines of business. They’ve observed a wide spectrum of confidence in people’s decision making ability when buying and selling property, often to the detriment of the individuals concerned. They are both fascinated by consumer behaviour and together they’re going to uncover who’s really making the decisions when you buy a property.

In each episode they get into the psyche of buyers, agents, auctioneers and other industry experts to learn the truth about how buyers are influenced and why they do the things they do. In every episode you’ll learn from the mistakes of a “property dumbo” as well as Chris & Veronica’s “elephant rider bootcamp” training session.

The plan? This property podcast has been created to help us all make better property decisions!

We talk about the things no one wants to talk about in the Property Market

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