Renegotiate the price. There is a reason why people sell their properties, and that reason could very well be issues in the body corporate.
But not all buyers are the same. What is a serious drawback for me might be a sterling opportunity for you. We all have different resources and goals.
Keep that in mind if the pre purchase strata report shows detrimental circumstances in the strata scheme. Consider, what would make the property more attractive? Would a lower purchase price make the risk more palatable? Not sure how to renegotiate? Speak with your conveyancer or solicitor. Relax and enjoy. Body corporates can be very complex which is why this website contains lots of information about the various things that can and do go wrong.
That said, the majority of body corporates, by far, are well maintained, fairly managed and financially sound.
They have well behaved communities and make for sound investments. How that is demonstrated in a pre purchase strata report is by checking all the boxes, showing few or only minor ongoing issues and a solid history of quick and equitable responses to issues. There are five key areas where body corporates develop costly and stressful problems.
Our pre purchase strata reports investigates each one. Our reports are designed to be read by someone who doesn't know a lot about body corporates, yet still be packed with all the information a strata or legal professional needs to see. We want you to be able to decide if this scheme is right for you, and we want you to be able to do that with a clear, concise and thorough report that's easy to read.
The clock is ticking! Order your report now, before your contract becomes unconditional and you can't walk away or renegotiate. I would highly recommend this report to anyone buying a unit. I look forward to using your service again. I just wanted to express my sincerest thanks and appreciation for your response to my questions yesterday. It was so good to gain some clarity and to understand my concerns were not unfounded. It gave me a lot of food for thought and helped me to reach a decision.
I cannot express how fortunate I feel that I found your website and requested the pre-purchase Strata Report. It was worth every cent and to have your follow up answers to my questions has been superb.
All orders for pre purchase strata reports must be in writing: we need to prove we're allowed to look! What clause should I add to my contract? Add the following clause to your contract to allow you to cancel at your discretion should circumstances be prejudicial. Where do you search? That body corporate records must be located in this area, although the building may actually be anywhere in Queensland.
We can search Queensland wide with those strata managers who make records available electronically. What do you actually do? When we do a body corporate records search we attend where ever the records are kept and read them. Usually there's hundreds of thousands of pages of documents. We know what we're looking at though and what's important. We read the documents and summarise them in an easy to read report that highlights issues that will be likely to affect lot owners.
How long does it take? Most pre purchase strata reports are completed within 5 - 6 business days. The only delay would be caused by problems with accessing the records or greater than usual demand. We will let you know when you can expect to receive the report so you can make plans. I have specific questions. Can I ask them? If you have particular questions ask away. We will look for those things that would generally affect all lot owners but if you can tell us your personal queries, such as you've seen a building defect or there's a change that may have needed approval, it will give us a target to search for.
Please do let us know. These reports vary in detail ranging between around 40 pages to pages. They are sometimes written in confusing, highly qualified and non-committed language and purchasers often complain they are hard to digest.
It is important to note who commissioned the report. A report commissioned by the vendor or the agent may gloss over more serious issues or not appropriately highlight financial problems evident in the records they have reviewed. Ideally the strata report would be obtained independently via your solicitor or from an independent provider directly from the internet. That way, if there is something missed out of their report your solicitor will be able to sue the reporter and the insurer will be able to meet the claim.
There needs to be a clear and unambiguous statement in the strata report as to whether any special levies have been struck or are expected to be struck. There should also be a comment in the report as to whether or not, historically, the building has tended to regularly strike special levies. If you do not see a clear statement to this effect, you should insist that the reporter provide one. It is a forecast taking into account the nature of the building and expected repairs and improvements required and proposing a schedule of capital works fund contributions required to meet those expenses.
While it is required by law for the Body Corporate to produce this report, it is a good thing if the management has gone to the expense of commissioning a qualified actuarial accountant to prepare this study rather than doing it themselves. With the last two things, in particular, we have seen large special levies being imposed in recent times to rectify non-compliance in these areas. Disharmony among the body corporate is costly. These include general information on insurances, by-laws, any disputes or areas under investigation and harmony.
A strata report is a report that all purchases of a strata titled property should invest in. You can access this pre-purchase report and a range of others through the InfoTrack system. Forgot password. Strata report. Strata report Strata reports are important when buying a unit, townhouse or villa.
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