› Flat Chat Strata Forum › Buying and Selling › is it possible to get accurate strata reports before buying? › Current Page
I would say that, yes, buying and selling in NSW is broken.
We are currently in the process of purchasing a strata unit. My partner feels we have enough information, I have my doubts.
Old newspaper reports suggest this building has considerable building works required, possibly in the order of several million or more dollars.
We commissioned a Strata Report and it came back with a disclaimer that the records were poorly kept and therefore it could not be guaranteed that all records were provided.
I was advised that there are no Australian Standards setting out what should be in Strata Report.
When I requested a copy of a report recently prepared that EC minutes suggested would set out a comprehensive program of building works, the Owners Corporation declined to provide it and I was advised that they are not required to provide it.
How are people to make informed decisions about the most expensive purchase of their life? Even purchasing a Strata Report really doesn’t give you full information – at the end of the day, it seems like information can be kept from prospective purchasers.
How are we supposed to caveat emptor (buyer beware) and make informed decisions about the full financial implications of purchasing a property in the absence of full disclosure of all relevant information?