Why do you need a Strata Report?
When buying a home unit, townhouse or villa, whether residential or commercial, it is most important to have a professional inspection carried out of the records.
It is understood that since Mr Trachtenberg’s study for the NSW Law Society in 1975, the Law Society has been recommending that its members caution prospective purchasers to obtain a strata report prior to making a purchase decision.
Many lending institutions insist on a report before granting a mortgage as they in fact become the legal owner of the property.
We pride ourselves in providing timely, accurate, cost-effective and extensive reports. Our reports are unique in that they provide a thorough, historical and chronological perspective of a building.
A strata report will detail, amongst other things:
- the levies payable by the unit
- the current financial position of the building
- current insurance particulars of the building, particularly building replacement costs
- Determine that the mandatory valuation for insurance purposes is carried out every 5 years
- a history of insurance claims as these may point to possible weaknesses in a building
- a history of major repairs, what they were & how they were addressed & paid for
- structural defects, if any - how they were addressed and/or paid for
- major disharmonies amongst the residents
- legal actions against the building or residents
- likelihood of major projects
- likelihood of special levies and their purpose
- Fire safety information/details of equipment, if in fact recorded, in common areas
- Smoke detectors/fire alarms in individual units, if such information is recorded (this is not strictly an Owners’ Corporation’s responsibility; each owner in NSW Is now legally responsible to fit these in their units; some strata managers, and executive committees of internally managed buildings, do formally advise their owners of this responsibility – buyers must check this out themselves
- much other general information regarding the By-laws, rules & regulations etc
- Applications for wooden/floating floors, keeping of animals, air conditioning, alterations and additions etc
If you would like to order a report fill out the online request a report form or contact us.
