3 tips when buying into strataOct 17, 2023
By: Rhiannan Jenkins
Reviewing strata information is the buyer's responsibility. Some conveyancers or solicitors will review strata reports for the buyer however, the buyer should know the answers to these 3 questions before diving in:
1. When was the strata report completed?
If you're relying on the strata report provided by the sales agent, check the date of the report. If the report was completed weeks ago, then there is a period unaccounted for. You should enquire if there has been any strata activity or issue raised between the time of the strata report and now in case there is any activity which could impact on your buying decision.
2. What information is the strata inspector searching for?
A strata inspector may only report on the documents made available to them at the time of inspection. This means if there are AGM minutes, quotes, correspondence, or documents that are not available at the time of the inspection, they won't be reported on. If you are organsing a strata inspector yourself, ask for their template of documents and correspondence they search for. Make sure it's detailed! Or if you purchase an existing report and there is little information available, request specific information such as previous years AGM minutes, previous special levies and the capital works forecast.
3. Where do I turn to for more information?
If you come across information provided in the strata report that doesn't make sense, seems incomplete or inaccurate, investigate further so you understand what you are reading and the impacts it may have. Firstly, contact the strata inspector and ask them to explain the document to you and where to find further information. If you need specific documents or correspondence, the inspector can put forward a request on your behalf to the strata manager. Or if the strata management will speak with you directly, contact them for more information. You should also speak with your conveyancer or solicitor if unsure and if the information/document is council related, contact the council directly.