I completely understand your frustration regarding the need for potential buyers to purchase strata reports individually. It’s an issue that many prospective buyers face and feel strongly about. Here’s a breakdown of the situation:
Lack of Transparency: Many potential buyers share your sentiment that sellers and agents should be more transparent. Providing a comprehensive “sales pack” with all relevant documentation, including strata reports, AGM/EGM minutes, and details of any works done, would indeed foster trust and streamline the buying process.
Cost and Convenience: Having to purchase a strata report for each property can become expensive and time-consuming, especially for buyers who are considering multiple properties. This added expense can deter serious buyers and creates an unnecessary financial burden.
Why It Happens: There are a few reasons why the current practice persists:
- Legal and Regulatory Requirements: In some regions, there are specific legal requirements dictating how strata information must be disclosed. Unfortunately, these regulations often place the onus on the buyer rather than the seller.
- Agent Practices: Some real estate agents may prefer this method as it reduces their workload and shifts the cost burden to the buyer.
- Market Norms: In many places, this has become a market norm, and changing entrenched practices can be slow and challenging.
Potential Solutions:
- Legislative Change: Advocacy for legal reforms that mandate sellers to provide comprehensive property information upfront could be a long-term solution. This would ensure that buyers have all necessary information without additional costs.
- Industry Best Practices: Encouraging real estate agents and sellers to adopt best practices voluntarily, such as providing a “sales pack,” could improve transparency and buyer experience.
- Consumer Advocacy: Buyers can collectively voice their concerns through consumer advocacy groups to push for changes in industry standards and regulations.
Ultimately, greater transparency benefits everyone involved in the real estate market. Sellers might find their properties selling faster when buyers have more confidence in the available information, and buyers can make more informed decisions without incurring unnecessary costs. Your approach when you sold your apartment sets a positive example that, if widely adopted, could significantly improve the property buying process.