Prior to buying a strata or community titled property, it is highly recommended to obtain a pre-purchase inspection report. The report attempts to provide a snapshot of the current state of play in relation to the minutes, financials, by-laws, insurances, general repairs & maintenance costs, etc.
The inspection of the books and records is conducted at the Strata Managers office, online or at the property if the scheme is self-managed. We are provided access for one hour and methodically inspect the information made available at the time of the search of the books and records. Where possible, we take copies of any documents we believe a potential purchaser may deem relevant. We pay strong attention to defect reports, proposed or current litigation, large insurance claims, large proposed works, pest reports, capital works fund plans, etc.
In the time permitted, we glean regulatory information and pay particular attention to the "Minutes" of meetings and the last 5 years financials (revenue and expenditure statements). Once these details are reviewed, we then focus on any areas of concern and begin a more focused inspection. Having conducted over 10,000 searches/reports, we are confident with our processes and we always strive to provide accurate & informative reports.
Examples of Information Covered
What is NOT Covered
An inspection of the books and records is not an exhaustive review of all records held, nor does it attempt to report on every aspect of the plan. The report provides an overview based on recent history.
