A Strata Inspection Report is highly recommended when purchasing a property that is Strata Titled. The property may be a unit, villa, townhouse or apartment and will be part of the aggregated ownership of the building or site. The Strata Search will include an inspection and formal report on the records and accounts of the Owners Corporation. The Strata Search is covered under Section 108 of the NSW Strata Schemes Management Act 1996.
The Strata Search should include an inspection of the Owner Corporation’s file and relevant records and include as a minimum the following elements:
- Financial status of the strata scheme
- Pending building works
- Past works history
- Special levies
- All expenses last 2 years
- 10 year budget forecast plan
- Meeting Minutes
- Areas under investigation
Your Strata Inspector will undertake the review of pertinent records of the scheme held by the relevant Strata Managing Agent for the Scheme.
The Strata Inspector will not undertake a site inspection and any Building or Pest concerns and issues should be dealt with in separate Building and or Pest Inspections.