When buying a home unit, townhouse or villa, whether residential or commercial, it is most important to have a professional inspection carried out of the records.
Since Mr. Trachtenberg’s study for the NSW Law Society in 1975, it has been recommended that it’s members caution prospective purchasers to obtain a Strata Report prior to making a purchase decision. Additionally, many lending institutions may also insist on a report before granting a mortgage due to the fact that they become legal owners of the property.
TSRS pride themselves in providing timely, accurate, cost-effective and extensive reports. Their Premium reports are unique in that they provide a thorough, historical and chronological perspective of a building.
A strata report will detail, amongst other things:
- The levies payable by the unit
- The current financial position of the building
- Current insurance particulars of the building, particularly building replacement costs
- Determine that the mandatory valuation for insurance purposes is carried out at least every 5 years
A history of insurance claims as these may point to possible weaknesses in a building
A history of major repairs, what they were and how they were addressed and paid for
Structural defects – if any – how they were addressed and/or paid for - Major disharmonies amongst the residents
Legal actions against the building or residents - Likelihood of major projects
- Likelihood of special levies and their purpose
- Fire safety information/details of equipment, if in fact recorded, in common areas
- Smoke detectors/fire alarms in individual units, if such information is recorded (this is not strictly an Owners’ Corporation’s responsibility; each owner in NSW is now legally responsible to fit these in their units and have them regularly tested; some strata managers, and executive committees of internally managed buildings, do formally advise their owners of this responsibility – buyers must check this out themselves)
- Much other general information regarding the By-laws, rules and regulations etc
- Applications for wooden/floating floors, keeping of animals, air conditioning, alterations and additions etc
- Cladding of newer buildings may also be reported upon if there are formal mentions of this