What is a Strata Title Report?
A title is a piece of paper that proves you own a property. A Strata Title proves you have ownership of a ‘unit’ of a building. This could be a villa, townhouse, or similar property. With a Strata Title you’re part of the aggregated ownership of a building. This ownership is called the Body Corporate which takes care of, and funds, the maintenance of a building.
What is a Strata Title?
With a Strata Title inspection, you discover how the property is organised so you fully understand the common ownership structure and related responsibilities.
What Will The Report Cover?
The Strata Title Inspection will cover:
- Inspection of the corporation’s books and records
- Insurance issues
- Strata Titles Act breaches
- Pet regulations
For example, wouldn’t you like to know:
- Whether or not the strata scheme is adequately insured?
- What regular or special levies you will have to contribute?
- Whether or not there is any evidence of building or structural problems that may forewarn you of further expenses down the track?
- Whether or not the strata scheme has an adequate reserve of funds, or whether it’s stone broke?If there has been a history of disharmony between owners?
- What the strata regulations are regarding items such as renovation, refurbishment or pet ownership?
Get Answers to make a wise purchase
This report provides you with the answers to those questions and more to help you make a wise purchase decision. So before you “sign on the dotted line”, order a strata title inspection report from Besafe Property Inspections.
Why Should You Get A Strata Report?
Strata title reports are extremely beneficial because they can cover (or uncover) valuable and important legal information you must know before buying a property.
Building maintenance issues are often revealed in the records and in some cases, an impending “Special Levy” may be revealed. A Special Levy is an amount levied on each unit owner by the owner’s corporation to fund a specific, often large expenditure where the owner’s corporation does not have sufficient money to do so. A Special Levy can, in some cases be many thousands of dollars per unit holder and where a levy like this is planned, it can often change a purchaser’s opinion of the value of the unit or villa/townhouse.
One key is understanding general levies which are paid quarterly and will cover annual maintenance and repairs.
Be Safe with a Besafe Inspection
A Strata Inspection Report gives you a full summary of the records produced by the owner’s corporation including minutes of meetings for the past 4 years where available. The inspection can take 2-3 working days.