What are Strata Reports?
Strata reports are comprehensive documents that provide detailed information about a strata-titled property (a type of property ownership common in Australia).
Strata reports typically include details about the property’s physical condition, any outstanding repairs or maintenance issues, any disputes or legal issues involving the property, and financial information about the strata scheme, including the property’s levies, sinking fund balance, and any special levies.
Are Strata Reports needed when buying a Strata Title property in Sydney?
Here are some reasons why strata reports are important when buying a strata titled property in Sydney:
- Condition of the Property: A strata report provides details about the condition of the property, including any defects or damage, and the maintenance history. This information is crucial in helping buyers make informed decisions about the property and identify any potential issues that may require attention.
- Legal Issues: A strata report can identify any legal issues involving the property, such as disputes or litigation, which could impact the property’s value or present potential liabilities for the buyer.
- Financial Information: A strata report provides financial information about the strata scheme, including levies, sinking fund balance, and any special levies. This information can help buyers understand the financial health of the strata scheme and identify any potential financial risks associated with the property’s ownership.
- Compliance with Regulations: A strata report can help buyers identify if the property complies with relevant building regulations and by-laws, which are mandatory requirements that may impact the property’s value and potential liabilities.
- Establish Overall Harmony in the Building: A strata report will give an indication of any disputes between owners enabling buyers to identify any potential problems before moving in.
Overall, getting strata reports are an important step in the property buying process in Sydney. It helps buyers make informed decisions about the property’s condition, potential risks or liabilities, and financial health of the strata scheme.
Ordering Strata Reports
There are many strata inspection companies in Sydney, so choose one that is reputable and experienced in providing strata reports. You can search online or ask for recommendations from your real estate agent or solicitor.
You will need to provide the company with the property’s address, and they will advise you on the cost and the time required to complete the report. The cost can range from a few hundred dollars to over a thousand dollars depending on the complexity of the property and the level of detail required in the report.
The strata inspection company will conduct a thorough inspection of the property and provide you with a detailed report. The time required to complete the report varies depending on the property’s complexity, but it usually takes a few days.
When you receive the strata report, review it carefully and we suggest you also seek advice from your solicitor or conveyancer.
Reviewing Strata Reports
Reviewing a strata report can seem overwhelming, and requires careful attention to detail.
When you have received your strata report, take time to ensure that you understand it. Some reports can be quite complicated, and may raise problems and issues that you are unfamiliar with. It’s important to seek professional advice when necessary. Your solicitor or conveyancer is a great place to start.