How long does a strata search take

Some buyers do that by obtaining the report during the five day cooling off period. Firstly it may not be possible to get the information in time. To get a pre purchase strata report you need to access the records of the scheme and for a variety of reasons it may not be possible to do that within five working days.

It may be far more beneficial as a buyer to renegotiate the purchase price, or some other concession, rather than simply walking away. Making the contract subject to an acceptable pre purchase strata report is a way to extend the time frame to enable completion of the report and open the door to negotiate more favourable terms based on the contents of the report.

In exactly the same as you would make the contract subject to finance or a building and pest inspection you make the contract subject to a pre purchase strata report. Our laws, including laws around contracts, are all about words, their meanings and how they are to be interpreted.

This contract is subject to and conditional upon the buyer received satisfactory results of a pre purchase strata report following inspection of the strata schemes records. Of course the seller, the agent or Solicitor will likely try and close that clause up, particularly through the use of time frames.

I suggest a minimum of seven 7 business days as gaining access to records can be challenging. Other examples of a contract clause for a pre purchase strata report may be found here and here. All is not lost. You will need to be quick however, as the cooling off period, when you may cancel the contract with no question asked, is five days. If you need extra time to settle any condition you must petition the seller for permission and they are under no obligation to grant your request.

To provide the report a search of the strata schemes records must be completed. That will require co-ordination with the manager of the records, and in some instances that is not easy. Body corporate records are private information.

The difference is the contract. Entering into a contract to buy a property, even one with conditional clauses, is a serious commitment. Our legal systems presumes you have entered into the contract with the intention of fulfilling the terms.

From the body corporates perspective the act of entering into the contract triggers your right to view the records of the scheme. Is there current or future litigation involving the building? In addition, it will give you an insight in potentially crucial information regarding existing or planned special levies for major building work or the remediation of building defects.

These could be accompanied by costly legal disputes. These major expenses would need to be adequately covered through the Admin Fund or Capital Works Fund, so it pays to investigate these financial accounts. For more on Admin and Capital Works Funds, please read this article. Relating to the Capital Works Fund, is the Capital Works Fund Forecast 10 year plan , which provides you with a detailed overview of expected capital expenses over the coming decade.

This covers your routine maintenance from new carpets to a fresh coat of paint. Like with anything of value, you would also want to confirm that the building is adequately insured. In summary, an Inspection Report or Strata Information Certificate will give you a good idea of how well the building is maintained and managed by the Owners Corporation, and therefore your potential investment, is looked after.

After all, you would want your investment to appreciate in value and not the opposite! If you feel comfortable enough to perform your own searches, you will need to contact the relevant Strata Managing Agent to make an appointment.

If you use a professional, they will arrange this for you. Share This Post. Share on facebook. Share on linkedin. Share on twitter. Share on email. What is a strata search or inspection report? What should I ask for before buying an apartment in strata? How long does it take to get a strata report?

Is there a cost to a pre inspection strata report? Subscribe to Jamesons Strata Manegement Newsletter. Related articles. Energy bills are often complex. In most cases, without a solid background in energy, it can be difficult to understand what you are actually. Strata Reports, Sydney are able to produce reports for residential, commercial and company title.

The reports are to the highest standard and easy to understand. We are always available to explain any section of the reports to you. You will find us friendly and approachable providing great knowledge and service. Our detailed report is based on an inspection of the strata plan records held by the strata manager. The completed reports are delivered as downloadable PDF attachments.

See an example here. Simply complete the form or call 22 66 22 and speak to one of our friendly staff who can take all the details over the phone to order a new report. Once we receive your order for a new report we will contact the Strata Managers and book in for their first available appointment. Once we have inspected the records, we will get the report to you within 24 hours.

We issue refunds for our digital reports within 3 days of the original purchase under the following conditions:. We do not guarantee that our reports are fully compatible with any third-party software.