Why do I need a Strata Inspection Report?

When buying a unit it is very important to obtain a Strata Inspection Report.  A Strata Inspection Report does not replace a building report however it provides important information about what is happening within the scheme that you should be aware of before you take the leap of purchasing the property.

A Strata Inspection Report should provide the following details but may include more information not listed below;

  • Who the current owners is
  • What the levies are for the property, when they are paid to and is their any special levies for major works
  • What your unit entitlements are
  • How much is in the Sinking Fund and the Administrative Fund and are any of these in deficit
  • Is there a Sinking Fund Forecast Report
  • Are there any legal matters or disputes
  • Does the scheme comply with fire requirements
  • Are pets permitted
  • Is there building defects
  • What are the By-Laws
  • Is there any major expenditure planned or has there been any over the past three years
  • What is the current value of the building
  • Is the building insured
  • Copies of the meeting minutes
  • Copies of building reports

A Strata Inspection Report can cost as little as $250-$350.  This is not a huge outlay when you consider you may be about to make one of the biggest financial commitments of your life.  The information you receive in the report will be far more valuable to you than the cost of the report.

For further queries regarding strata searches or to order a strata inspection report for a building on the Sunshine Coast or Brisbane contact:

Inside Out Legal Services

Sun City Legal Services