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When buying a home unit, townhouse or villa, whether residential or commercial, it is most important to have a professional inspection carried out of the records.
Many lending institutions insist on a report before granting a mortgage as they in fact become the legal owner of the property.
We pride ourselves in providing timely, accurate, cost-effective and extensive reports. Our reports are unique in that they provide a thorough, historical and chronological perspective of a building.
A strata report will detail, amongst other things:
- the levies payable by the unit
- the current financial position of the building
- current insurance particulars of the building, particularly building replacement costs
- Determine that the mandatory valuation for insurance purposes is carried out every 5 years
- a history of insurance claims as these may point to possible weaknesses in a building
- a history of major repairs, what they were & how they were addressed & paid for
- structural defects, if any - how they were addressed and/or paid for
- major disharmonies amongst the residents
- legal actions against the building or residents
- likelihood of major projects
- likelihood of special levies and their purpose
- Fire safety information/details of equipment, if in fact recorded, in common areas
- Smoke detectors/fire alarms in individual units, if such information is recorded (this is not strictly an Owners’ Corporation’s responsibility; each owner in NSW Is now legally responsible to fit these in their units; some strata managers, and executive committees of internally managed buildings, do formally advise their owners of this responsibility – buyers must check this out themselves
- much other general information regarding the By-laws, rules & regulations etc
- Applications for wooden/floating floors, keeping of animals, air conditioning, alterations and additions etc
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