Ep # 42 – Why order a s.108 Strata Report?

The Drive Home to Hawkesbury with Rachael Goldsworthy

A Strata Report is just like ordering a pest & building when you are purchasing a residential property. A Strata Report or s.108 formerly known as s.164 certificate helps purchasers find out all the relevant information on the property when looking at buying into a Strata/Community or Company Titled property.
This report is separate to a pest and building inspection however it gives a snapshot of the records held by the Strata Manager on behalf of the Owners Corporation and an overview and history on the building or complex. Items included in these reports could include the following:

• Current Ownership
• Ledgers of the property they are looking at purchasing?
• Quarterly levies for the property and date at which they are paid?
• Voting rights?
• Unit entitlement?
• Past, present or proposed Special Levies (additional contributions outside your quarterly levies that may be raised for building defects or major works)?
• Does the Strata Scheme comply with Fire Requirements, Work Health & Safety Obligations and Asbestos Management?
• Is there any information in the records approving animals? Are animals permitted?
• How much is in the sinking fund and Administrative Fund? Are any of the funds in deficit?
• Are there past, present or proposed legal matters?
• Identify any Building Defects or Home Owner Warranty Claims for Defects;
• Identify any Breaches of By-Laws (Rules and Regulations for this building);
• Income and Expenditure with proposed Major Expenditure;
• What is the current value of the building?
• Is the building insured and if so adequately insured? (details of the insurance and cover);
• Are there any compliance related matters within the records such as window and balcony compliance?
• Is there a Capital works Forecast? (a report prepared detailing what the levy contributions should be over the next 10-15 years including detailed maintenance);
• Are there any known disputes within the Strata Scheme;
• Copies of Annual General Meeting Minutes, Extraordinary General Meeting Minutes and Executive Committee Meeting Minutes;
• Copies of building reports, extracts from compliance reports.

I Live, Love, Hawkesbury and can’t wait to get into today’s episode.

I’m Rachael Goldsworthy and welcome to the drive home to Hawkesbury, where I believe every home has a story and I love sharing those stories on real estate in the Hawkesbury with you. Here we share the best ways to add value to your property, how to avoid the common mistakes people make when buying and selling property, and how to get the maximum return on your investment with a focus on supporting local business. I live love Hawkesbury and can’t wait to get into today’s episode. Let’s get started.
Good morning, good afternoon or good evening depending on what time you’re watching this episode. I’m Rachael Goldsworthy on the drive home to Hawkesbury and I’ve just finished doing a routine ingoing inspection report for attendant that’s moving into a property at Mcgraw Hill and they’re super excited as are we for them as they’re moving into their new home and a new chapter in their life. I’m on my way back now to the office to complete her astrologer inspection with somebody that has booked that in with us this morning. Now that inspection has been booked because somebody is looking at purchasing a strata property, that strata property, it’s actually located in South Windsor and there is quite a few strata properties in and around South Windsor and scattered throughout the Hawkesbury as well. So when you’re purchasing a property, your combined. So we’ll go through the contract for sale with you but also help you identify what type of property it is.
So sometimes there is a strata property and sometimes it can be torrens title, sometimes it can be limited title, sometimes it can be company title. So they’re all just different ways to identify the type of property that it is and how it should be identified in that regard. Um, with this particular strata property, what the inspector is going to be doing is coming into the office having a look through the books for that particular strata property and owners’ corporation and just seeing how healthy it is, you know, basically it’s, it’s Kinda like, um, when, you know, when you buy a house and you do a pest and building inspection and just want to make sure that the house is absolutely perfect or at least know what the worst case scenario is with the house before you move into it so that you can work towards getting those things fixed.
But equally that’s what a strata report does. So somebody will come into the office of the strata manager who has that particular property or managers that particular property for the owners corporation. And then they’ll just go through the books and records and anything pertaining to that owner’s corporation. Then they’ll give a report to that particular purchase on what the state of the nation is in regards to that strata property. And um, you know, whether there’s any things to flag. So whether the administration or sinking fund is not as healthy as what it could have been or whether there’s things that are coming up like expenses for painting that may not have been disclosed or there might be, you know, a swimming pool that needs to be fixed or ongoing maintenance problems with that particular strata building. So, um, there are just a few things people may want to be looking at. Gentleman’s just walking in trust, the, the crossing there, we’ll let him go. And, um, yeah, just a few things in regards to strider and what you’re at doing when you’re purchasing a strata property. If anybody’s got any questions or comments in regards to real estate strata, all things property, I’m always happy to help. I’m Rachael Goldsworthy and I look forward to catching up with you on the next episode.
Thank you so much for taking time out listening to today’s episode. If you have any questions on the process of buying, selling, leasing, or strata management, please don’t hesitate to reach out to me. Be sure to subscribe on itunes and I really appreciate if you could spread the word by liking and sharing this episode with your family and friends. I’m Rachael Goldsworthy and I look forward to catching up with you on the next episode of the Drive Home to Hawkesbury.