I'm about to bid on a reproduction terrace house in Melbourne that is the middle one in a row of three. Its on a strata title but the body corporate has never been active. It shares a party wall with the properties on either side, which is shown on the title as the boundary of the property. However, there is no common property as such marked on the title.
It seems to me that there is no point activating the body corporate just to get public liability insurance on the party walls. And I'm not even sure we could, as they are not technically common property.
I assume a regular individual insurance policy would have to cover the side walls, even if they are shared. Has anybody else comes across this type of situation?
It seems to me that there is no point activating the body corporate just to get public liability insurance on the party walls. And I'm not even sure we could, as they are not technically common property.
I assume a regular individual insurance policy would have to cover the side walls, even if they are shared. Has anybody else comes across this type of situation?