Why you need a strata report when purchasing a unit in Sydney.
When purchasing a unit it is essential that you obtain a Strata Inspection Report. It is recommended to order one when you order your building inspection for the unit.
A Strata Report does not replace a building report but complements it. The strata report generally will tell you what the costs are for the whole complex (which all single unit owners contribute to) and a building report will advise you on the condition of your specific unit.
A quality strata report will provide the following details but not limited to:
- The current owners in the complex.
- The levies are for the property, when they are paid to and if there are special levies for major works.
- What your particular unit entitlements are.
- The balance of the Sinking and the Administrative Fund and if they are in surplus or deficit.
- If there is a Sinking Fund Forecast Report.
- If there are there any existing or current legal matters or disputes.
- If the scheme complies with fire regulations.
- Are pets allowed.
- Are there any building issues, existing or forecast.
- The By-Laws.
- What, if any major expenditure is planned or if in the last 3 years there has been any.
- The current value of the complete building.
- Building insurance details.
- Records of all meeting minutes.
- Copies of building reports and repairs etc.
Our price for a comprehensive strata report is $385 including GST.
You should order a strata report here when you order a building/pest inspection of the unit for your peace of mind before you commit to your purchase. A 10% discount applies to the total fee when you order a unit inspection and a strata report together.
Click here and here for the latest information from Fair Trading regarding the latest changes to strata laws and schemes