Strata Title

Strata Title

At BConveyancing.co, we highly advise that before you finalise a contract for a Strata Title property, you should consider getting a comprehensive strata report. This report should provide crucial information about the Strata Title property that can guide your decision-making process.

The report should confirm if the strata roll is accurately maintained and whether the initial period has been fulfilled. It should encapsulate details about the existing insurance policies held by the Owners Corporation, the financial standing of the administrative and sinking fund, the current levies associated with the property, and any loans that the Owners Corporation may have.

Significant changes to by-laws, details about the managing agent, and potential future levies are also elements that should be included in the report. Many strata reports also provide a historical perspective of any plumbing or water penetration issues, building defects, and disputes that may have arisen. A synopsis of important matters that the Owners Corporation or executive committee has handled in recent years is also typically included.

This report is a valuable tool for you in deciding whether to proceed with the purchase. Should you decide to go ahead, the report will give you insights into the challenges that the building’s owners face. As an owner, and if you have tenants, you all will be bound by the strata by-laws applicable to the specific strata scheme.

Most strata schemes have standard form by-laws, but some have unique by-laws or additional by-laws adapted to suit their needs. It is essential that you review these by-laws before purchasing in a strata development.

If you are purchasing a commercial strata unit with the intent to run a business, ensure that the by-laws permit such an activity.

At BConveyancing.co, we are here to guide you through this process and ensure a smooth transaction.