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Our Strata Managing agent declares that it has commercial agreements with multiple companies in its annual management report however it doesn’t declare what those agreements are. I assume that these same commercial agreements would form part of their agency agreements with other strata schemes as well. Should the specific details (eg, commissions, agent discounts etc) form part of the strata records and therefore be available for inspection during a records search?
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Should the specific details (eg, commissions, agent discounts etc) form part of the strata records and therefore be available for inspection during a records search?
That’s actually two questions;
- All documents relating to the business of your strata scheme should be made available for inspection on request by an owner. There is a process for that set down in the Act but it often requires a visit to the strata manager’s office and the payment of a set fee.
- Should the details of contracts etc be presented as part of the annual report? Yes, but only if the majority of owners want that. Every scheme has its own idea of how much information they want to be made available – it could be a line item in your financials, a summary or a copy of any new contracts.
The way to get more information presented as part of the AGM agenda is to present a motion at your next strata committee or general meeting, specifying what information you want to have provided.
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