Strata Inspection Reports – Why do they matter?

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!

www.vitalstrata.com.au

Strata Made Simple.