We looking to buy apartment in Sydney. Building is around 7 years old. I was wondering if anyone can recommend on how to get strata inspection report?
Also what about option of just going to strata office and going through passport work yourself? I think that just costs $30 right?
Do you still have their details?
Request the seller to share the strata report…they usually can, if they have nothing to hide, and are decent helpful beings.
We bought apartment in Sydney
Next time get the reports sorted out before you buy. What if the report identifies major problems?
Yeah makes sense. I updated description as still in process :). Do you have any suggestions?
Are you referring to an Inspection of Strata Records?
An owner or mortgagee, or their authorised person, can make a written request to the owners corporation to inspect the records. The request must be accompanied by the prescribed fee which is currently $31 for the first hour of work.
The inspection time and place has to be agreed by both parties. If no agreement is reached within three days, the owners corporation can stipulate the time and date by written notice. The inspection date can be no later than 10 days from the date the owners corporation receives the notification.
Documents can be inspected in person, electronic access or any other ways agreed. You can make copies of the documents but must not, without the consent of the owners corporation, remove the originals from the custody of the owners corporation.
An owner or mortgagee, or their authorised person, can make a written request to the owners corporation to inspect the records. The request must be accompanied by the prescribed fee which is currently $31 for the first hour of work.
The inspection time and place has to be agreed by both parties. If no agreement is reached within three days, the owners corporation can stipulate the time and date by written notice. The inspection date can be no later than 10 days from the date the owners corporation receives the notification.
Documents can be inspected in person, electronic access or any other ways agreed. You can make copies of the documents but must not, without the consent of the owners corporation, remove the originals from the custody of the owners corporation.
Yeah. Looking at same strata report, it's just summary of minutes and annual reports from last year.
So I am considered on whether there is any value on paying $199 as I can just read through minutes myself for $31.
Apologies for the repeat copy/paste above.
Yes, you can DIY. The higher fee is charged for a professional inspection, summary and report.
I used section 108
$199
I paid the $30 and went to the strata office. The staff there pulled physical records out for me from a filing cabinet and I went through it myself. Bring a family member or friend to speed up and second pair of eyes. My unit block is only 12 units thought. If you are purchasing something massive like >50 units then it might be worth getting a service to sift through it all. But essentially you're looking for meeting minutes, financial statements to see health in terms of BOTH the admin and sinking fund (have a sufficient reserve and that people are actually paying their strata), and any ongoing conflict between owners and body corporate, and any non-compliance or fishing stuff that has not bee rectified.
my 2cents :)
Thanks. It was really helpful
Good one @HungryTotoro
@hungrytotoro
Just out of curiousity, did you take notes or photos of critical bits of info or did you pay to get it photocopied?
Am thinking of of doing this I future…
Hi, as I was flipping through the pile of paper, I took photos on my phone, no need to pay for photocopying and it was just in case I needed to review it further (at home) or out of fear I would run out of time there at the strata office. My building is 20 YO now and living there for 3.5 yrs now, I only checked the last maybe up to 5 years worth of meeting minutes and some financials. TBH if there is some major issue that has not been resolved, or you got strata cash reserve issues, it will be present there.
side note: Helps to be on the strata committee if you end up buying after -you get better understanding of what's covered under strata for repairs, what maintenance is req. over time and you get to meet some other owners, who if they are living there too, can make life lot easier for advice and second pair of eyes around. :)
I paid $198 for mine. Sydney Apartment 4 years old.