After spending countless hours trawling through listings and open homes, it’s tempting to hand over your hard-earned deposit and sign on the dotted line quickly when you finally find a home that ticks your boxes. But before you do, it’s important you do the legwork to understand exactly what you’re buying.
Owners corporation records offer valuable insights into the scheme, so reviewing these documents prior to purchase is vital.
Owners corporation records include information on fees, special levies, fund balances, building works, insurance, by-laws and the minutes of strata committee meetings. Email correspondence between owners and documents from external contractors are sometimes available too.
Buyers should also consider what information may be missing. Just because there’s nothing in the strata report, it doesn’t mean the building is fine. Veronica Morgan from Good Deeds Property Buyers in Sydney advises reviewing records against a list of expected inclusions, and factoring any blank spots into your decision.