Are you buying in a strata plan and want to know a little bit more about the rules and fees to live there before you commit? Then getting a strata inspection before you buy will help you decide.
The Strata Inspection Report is similar to a building report when someone buys a house. This does not replace a building inspection. The records of the Owners Corporation must comply with the Strata Schemes Management Act. The difference is the report will outline specifics on the building, known as the Strata Scheme. Booking this in with a strata inspector will allow you to better understand the following: -
- Who the owner is;
- What the quarterly levies are;
- What your unit entitlements are;
- If there have been any special levies (additional contributions outside the normal levies that may be raised for building defect or major works);
- Records of approval to have animals at the premises and if this is permitted;
- Any current legal disputes, defects and building issues, if there is any disharmony, any major expenditure;
- If the building is insured correctly and if it is current.
The report can be quite lengthy, however, will outline the important things you should know when considering buying into a strata complex. This will assist you with being able to make a decision on your purchase as to whether you’ll be able to afford to live in the complex and will be happy with any rules that are required to be followed. Negotiations and further enquiries can be made to your contract once this inspection has been complete as long as you complete it before you lock yourself into a binding contract (paying the full deposit and signing the contract).
It is highly recommended having a Strata inspection undertaken prior to proceeding into a binding contract and we can assist you with obtaining this report before proceeding with any purchase. For any further information on buying into a strata complex feel free to call our office and speak to one of our team members.