A Strata Report details the financial position of the owner's corporation and details other important information that a purchaser should know before deciding to buy a strata property.
Legislation requires that certain records and accounts be kept by the owner's corporation and the strata report is completed after an inspection of the books of the owner's corporation.
Just as a pest and building report discloses any physical defects of a property, a strata report lets us know if there are any defects with the corporation running the strata scheme, the history of the owner's corporation, the financial position of the owners corporation and if there have been any disputes within it.
For example, if there are major renovation works required to the building, a special levy might be struck which will mean you may need to provide additional funds. This is something that is best to know before purchasing the property so that you are able to make an informed decision.
If you would like to find out more information about obtaining a strata report, or have a specific question you can get in touch with us on 63312911.
Please note the answers provided are for your general information only and we ask that you call our office on 02 6331 2911 to obtain detailed legal advice for your individual situation.