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When you are buying a strata property you need to have things covered…

Why should I get a Report?

If you are buying a property you should get a pre purchase strata report, a strata report provides valuable information about the property you are going to buy. This valuable information should include at least 5 years of history and provide you with an understanding of the history of the complex. When buying into a strata property you become responsible to contribute to the complex based on your unit entitlement. It is important to see from the history what issues have occurred in the complex to understand what issues may occur in the future and what may be happening at the moment. The owner of the property you are buying most likely does not know what is happening in the complex unless they are actively involved with the strata.

As a vendor you can ensure that by having a report compiled, not only does it provide you and your selling agent an overall understanding of what is happening in the complex it will allow you to answer questions of prospective buyers and also allows the prospective buyers to inspect your property, buy the strata report on the day they inspect it and it will eliminate any doubt they may have about the actual complex. It will allow for more confident buyers, a quicker exchange and minimise any ‘surprises’ that often come up doing a cooling off period.

Why should I get a strata report from Southside Strata Inspections?

We have extensive experience in the industry and it is from our experience that we know that it is imperative for you as a prospective buyer to know the history of the complex. We give you at least 5 years of history and include additional documents extracted from the records to provide you with enough information to buy the property with confidence. No two properties are the same and each complex has their own unique history and you should know that history when buying into the complex. We also know that we cannot foresee what may happen in the future but we know from our experience by having an understanding of the history can allow you to make you purchase with confidence.

What’s in our Strata Reports?

Reports compiled by Southside Strata Inspections include but are not limited to the following:

  • name of the owner
  • unit entitlement of the unit
  • the levies payable by the unit
  • the current financial position of the building
  • current insurance and a certificate of currency (where available)
  • current insurance valuation (carried out every 5 years)
  • a history of insurance claims
  • a history of the major repairs
  • structural defects, if any
  • major disharmonies amongst the residents
  • any legal matters
  • any proposed major projects
  • any proposed 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
  • other general information regarding the By-laws, rules & regulations etc; and
  • Applications for wooden/floating floors, keeping of animals, air conditioning, alterations and additions etc.