Checking the records of the Owners Corporation (Units/Apartments)
If you are considering buying a unit, apartment or town house it is likely to have a strata title. That means that the land, building and common areas within are owned by an owners corporation. Each unit/apartment owner holds a unit (share) in the owners corporation. The owners corporation is responsible for the upkeep and maintenance of the building and funds its obligations by charging each unit holder with levies.
General levies are usually paid quarterly and should be sufficient to cover annual maintenance and repairs as well as periodic maintenance items such as repainting of the building. In circumstances where the general levy is not sufficient to cover an expense item, the owners corporation will make a special levy on unit holders.
It is vitally important to know if the finances of the owners corporation are in order of if there are any major issues affecting the building before bidding at an auction or making an offer.
What do I get?
A Strata Inspection Report provides a summary of the records of the owners corporation. It includes information about current and past levies, financial position of the body corporate, special levies, litigation, taxation, minutes of past meetings, notices and orders, alterations and additions, animals, past building work and other notable matters.
How long does it take?
EYEON may have already inspected the property you are interested in. If not, generally a strata inspection takes around 2 – 3 working days from the time of your instructions until you receive your report. If you require an inspection carried out urgently it is often possible to accommodate your needs.
EYEON is an independent property advisory business focused on providing high quality pre-purchase reports, including strata inspection reports in Australia. Call us at 1300 798 274 for more information.