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I’m looking at buying into an apartment complex. What body corporate/strata documents can I get access to and what’s the best way to access them?
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The minutes of the owners corporation and executive committee will tell you most of what you need to know, along with the original strata management statement. There are firms that specialise in strata searches but you probably need to tell them how much detail you need.
In simple terms, they will tell you what problems there are now and have been in the past. But they will have to dig deeper to find issues that may arise in the future (like the FlatChatter who wasn’t told that the apartment she bought for herself and her cat was about to be in a pet-free building). The vendor of a unit usually provides the permission for strat searches – it’s harder when you want to do a search before there’s actually an apartment for sale.If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
Who can search the Strata Records? I’m thinking of buying a flat that is advertised for sale. Do I need to have paid a deposit before I’m allowed to inspect the records, or can I just make an appointment with the Strata Manager to look at the property’s records?
You have no legal right to inspect the documents as you are not an owner but the vendor can give permission for you to do so. Normally this is done via a solicitor and/or a strata ‘search’ company. Talk to the real estate agent or vendor directly. There may be a charge (less than $30) attached to viewing the documents.
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
If the seller is serious about selling the property THEY should provide at the very least
1) Copy of the current bylaws
2) Copy of the minutes of last AGM
3) Copy of current financial report (sinking and admin fund)
These are fundamental details which any buyer should have access to before proceeding futher.
If the seller declines to provide any of these you need to ask yourself WHY.
Stumped said: …. Do I need to have paid a deposit before I’m allowed to inspect the records, or can I just make an appointment with the Strata Manager to look at the property’s records?
In NSW it’s normally the case that the Owner or Agent has information on the amount of the Strata Levies, Council, and Water Rates with the Vendor’s Contract of Sale for the property.
If you’re interested in purchasing the property you pay 0.25% of the sale price as a deposit to the Owner or their Agent and sign the Contract of Sale, after which you then have 5 business days to conduct all your inquiries, including a search of the Owners Corporation’s records by the process that Jimmy advised, after which time you either pay the remainder of the deposit (9.75%) and exchange Contracts (of Sale) with the Vendor or pull-out; and in the latter case forfeit your 0.25% deposit.