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Downloading Strata Reports

Discussion in 'The Buying & Selling Process' started by Tobycbuck, 16th Jul, 2015.

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  1. Tobycbuck

    Tobycbuck New Member

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    Is it just me or does anyone else think it is crazy how much it costs to download a Strata Report?

    Before you go to auction you need to download the report for around $280 and then have your solicitor look over it and the contract of sale, his fee is around $380. So the total is approximately $660 just to look at a report for a property that you might not even get at auction. This can become a very expensive exercise.

    My issue here is not the cost of the solicitor as I know how important they are in the buying process but $280 for an electronic PDF is unreasonable in my opinion.
     
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  2. Chilliblue

    Chilliblue Well-Known Member

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    Even worse is when the report may not be a true and actual record of events.
     
  3. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    I went to a Conveyancer but i really hope they dont charge 280 to download it otherwise i wouldnt have bothered.

    People keep telling me how important a Strata Report is but i have different beliefs.
    Isnt there a difference say a small Unit block in Regional areas to some big City block.
     
  4. Rixter

    Rixter Well-Known Member

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    How will you know what the state of financials are and what's proposed from the AGM minutes if you don't do a search? You could be buying into a complex with BIG issues - financially and/or socially. A search is a cheap price to pay for SANF.
     
  5. Pistonbroke

    Pistonbroke Well-Known Member

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    You're about to fork out several $100k putting your financial abilities to the test but won't part with $1000 for due diligence? Check your priorities.
     
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  6. Tobycbuck

    Tobycbuck New Member

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    The issue here isn't the report itself but the cost of a downloaded file. I agree there should be some cost but $280 is not reasonable.
     
  7. Chilliblue

    Chilliblue Well-Known Member

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    I get what Toby is stating and perhaps a strata report should be attached to a sale document rather than a potential vendor having to chase it down.

    If you are looking at several properties then it all adds up. My issue is that you may be paying for something that is not a true and accurate report.
     
  8. teg499

    teg499 Well-Known Member

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    Why wouldn't it be a true and accurate report?
     
  9. rhinsor

    rhinsor Well-Known Member

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    It's done by humans.
     
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  10. Chilliblue

    Chilliblue Well-Known Member

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    There are lots reasons as to why the reports may not present a true and accurate account of the buildings history.

    - Several changes of property managers and records are lost or are not complete
    - Poor record keeping either from strata agent or private strata plan management
    - Older block just placed as strata title and therefore no history
    - Existing owners may not want something documented

    and the list can go on.

    That is why I would always recommend undertaking a building and pest report when purchasing a unit for your own piece of mind. Even better, have a talk to a mixture of owners and tenants in the block to get a feel of the building.
     
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  11. Travelbug

    Travelbug Well-Known Member

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    I have just gone to the strata directly and looked at the minutes etc. Cost me $30. Sure it isn't summarised with comments but pretty straightforward in most cases.
     
  12. Pistonbroke

    Pistonbroke Well-Known Member

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    The report is not just a transcript of the strata documents created by the strata manager but a 3rd party review.

    It's a good call to have the minutes, ledger etc within the contract however it would then be up to the solicitor to review the information adding further costs.
     
  13. Tekoz

    Tekoz Well-Known Member

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    @Chilliblue Yes, I agree with you, the Property owner or the Land Lord should have access to this report so you can ask them for free :)
     
  14. Pistonbroke

    Pistonbroke Well-Known Member

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    However just like a building report there's a duty of care to be extended to all potential users of the report (ie not just the raw data).
     
  15. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    I'd suggest you learn to read the strata reports yourself and make sense of them. It'd save the cost of a solicitor to review (although they'd still need to do a contract review - but after a while you should be relatively proficient at that too - to a point).