What is a Strata Report?
Strata schemes are required by law to keep records. Owners Corporations are required to keep Accounts, Minutes of Meetings, Correspondence and other records to properly manage the building.
When purchasing an apartment, a prospective purchaser automatically becomes a member of the Owners Corporation, & thereby responsible for any issues relating to common property. The Owners Corporation is responsible for any assets the Owners Corporation may have & unfortunately any liabilities
Some reasons for obtaining a strata inspection include:
- Details of the current financial position of the building & any liabilities
- Current levy details for the subject Unit
- Details of Current Insurances
- History of major works & capital expenditure or any potential for Special Levies
- Particulars of any major works proposed or serious building defects that
may be affecting the scheme
- Details of whether a Sinking Fund Plan has been prepared for the scheme
- Details of previous approvals related to alterations or approvals for keeping of animals
- Changes to By-Laws that may not have been registered
- References to any litigation (including defects claims) or major disputes involving the
- Information on any Orders served by Local Council or other regulatory bodies
- Details regarding general harmony or specific disputes between residents
(this is just as important as whether the building leaks)
As is evident from the above examples, a strata inspection report is a vital tool that may also assist with determining the need for further investigations (e.g. building inspection reports)
NSW Office of Fair Trading
Strata Report Sample.
Please click here to preview a Sample of Report we produce.
And please do not hesitate to contact us if you need any further information or assistance.
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