Every buyer considering the purchase of a property, whether it be residential, commercial or mixed use should engage the services of a fully qualified inspection company with an extensive property background. Before engaging a company to conduct an inspection of the Owners Corporation records make sure you ask the company what property background their inspectors have to ensure you will be obtaining a professional report.
A Strata Inspection Report can also be known as an Owners Corporation records inspection or a strata search.
A Strata Inspection Report is similar to a building report you may obtain if you were purchasing a house. This report certainly does not replace a building inspection report, however a Strata Inspection Report should provide specific details of what is happening within the particular property. A Strata Inspection Report should typically include:
· Who is the current owner?
· What are the quarterly levies for the property and when are they paid to?
· What are the voting rights of a particular lot and what is the lot unit entitlement?
· Is the building adequately insured?
· What is the current value of the building?
· Have there been or are there any current or proposed special levies?
· How much is in the Capital Works Fund and Administrative Fund?
· Is there a Capital Works Fund forecast in place?
· Are there any current legal matters outstanding?
· Are there any building defects or warranty claims?
· Is there any anticipated major expenditure?
· Does the scheme meet fire, lift, pool, WH&S, asbestos & window compliance?
· Are copies of building reports, compliance reports or pest inspection reports available?
· Is there information in the records approving animals or are animals in fact permitted?
· What is the building harmony like? Are there many breaches in By-Laws?
· Are there copies of AGM Minutes, EGM Minutes and Strata Committee Meeting minutes?
If your considering purchasing a property contact Vital today – We can help!
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