In Vic we need to provide our own search as part of our vendor statement which is provided to buyers upon request. The cost is around $150-250 depending on the number of OCs involved, cost is borne by the vendor and payable to the strata manager. The format is standard and the contents are completed by the strata manager. It generally takes the strata manager 2 weeks to complete, with a quicker turnaround time anywhere up to doubling the cost.
Only before settlement does the buyer purchase a revised statement to ensure that adjustments are correct. So there are generally up to 2 statements per transaction in Vic – one of the vendor, the other of the buyer.
Other parts of the vendor statement include extracts from Land Victoria records that include among other things lot surveys and lot liability tables, these available to all prospective buyers who ask at no cost as they are included in the vendor statement.
I cannot imagine paying for my own strata statement as a prospective buyer. It seems very inefficient, setting aside the cost aspect which would be prohibitive.