The apartment inspection shows the lot; strata records help reveal the financial and maintenance position of the shared building.
Review the funds and liabilities
Check administrative and capital works funds, levy arrears, insurance and proposed special levies. Compare the capital works plan with available funding. Low levies are not assurance of low future costs.
Look for decisions and unresolved work
Read meeting minutes, defect reports, litigation references, maintenance history and planned projects. Ask for supporting documents and independent advice where records indicate substantial work.
Relate the records to your purchase
Have your conveyancer review levy obligations, by-laws and the contract. Clarify pending work and potential sale adjustments before exchange. A records inspection complements an appropriate physical inspection; neither guarantees that all defects have been found.
