PRE PURCHASE STRATA INSPECTION REPORTS

It is advisable to obtain a pre purchase strata inspection report before you enter into a contract to purchase a strata title property. The information found in a strata report is not normally disclosed in a contract for sale and is useful to help you decide whether to go ahead or not.

A strata report will disclose:

– quarterly contributions to the administrative and capital works fund;

– the strata plan’s financial records and financial position;

– the history of building repairs and maintenance;

– scheduled future works and costs;

– the most recent minutes of meetings and resolutions;

– whether the Owners Corporation is involved in litigation or disputes with others;

– compliance with fire safety and swimming pool safety.

If you are selling a strata property you are not obligated to provide a Strata Inspection Report as part of the contract to potential buyers.

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