Strata Inspection Report: Everything You Need to Know

An Introductory Guide to Strata Inspections

When it comes to buying or selling a strata-titled property, a strata inspection report is an essential part of the process. This report provides potential buyers with information about the condition of the building, the common property, and the strata scheme's financial position. In this comprehensive guide, we will discuss what a strata inspection report is, why it is important, and how The Building Inspection App can help.

What is a Strata Inspection Report?

A strata inspection report is a document that provides information about a strata-titled property. The report is prepared by a professional inspector who conducts a visual inspection of the building and its common property. The inspector then produces a detailed report that outlines any defects, maintenance issues, or potential problems that may affect the property's value or safety.

Why is a Strata Inspection Report Important?

There are several reasons why a strata inspection report is important. Firstly, it helps potential buyers make an informed decision about the property they are considering purchasing. The report can identify any major issues that may require costly repairs or maintenance in the future, allowing buyers to factor these costs into their budget.

Secondly, a strata inspection report can help to protect buyers from purchasing a property that is in poor condition or has significant defects. If a buyer purchases a property without conducting a strata inspection, they may be liable for any repairs or maintenance that is required after the sale is completed.

Finally, a strata inspection report can provide valuable information about the strata scheme's financial position. This can include details about the scheme's sinking fund, outstanding levies, and any planned or completed major works. Understanding the strata scheme's financial position can help buyers to determine whether the property is a sound investment.

What Does a Strata Inspection Report Include?

A Strata Inspection Report, also known as a Strata Records Inspection or Owners Corporation Records Inspection, typically includes an assessment of the following aspects of a strata-titled property:

1. Financial information: The report provides details on the financial health of the Owners Corporation, including budgets, financial statements, levies, and any outstanding debts.
2. Insurance coverage: The report should contain information about the insurance policies held by the Owners Corporation, including public liability, building insurance, and workers' compensation insurance.
3. Maintenance history: The Strata Inspection Report will cover the history of maintenance and repairs carried out on the property. It may also include information about any ongoing maintenance contracts and the condition of common areas.
4. Meeting minutes: The report should include the minutes of Owners Corporation meetings, including Annual General Meetings and any Extraordinary General Meetings. This can give insight into any ongoing issues or disputes within the property.
5. By-laws and rules: The report will list the by-laws and rules of the Owners Corporation, which govern the behavior of residents and the use of common areas.
6. Sinking fund: The report should provide details on the sinking fund, which is a dedicated fund for future capital expenses and major repairs.
7. Legal matters: The Strata Inspection Report will disclose any ongoing legal disputes or issues involving the Owners Corporation, which could have an impact on the property's value or your enjoyment of the property.
8. Building defects: If any building defects have been identified or rectified, the report should include this information, as well as any warranties or guarantees associated with the repairs.
9. Upcoming works: The report may also include information on any planned or proposed works for the property, which could have financial implications for the Owners Corporation.

It is important to note that the contents of a Strata Inspection Report may vary depending on the jurisdiction and specific requirements of the area. It is always a good idea to consult with a professional building inspector or strata manager to ensure that you receive a comprehensive report tailored to your needs.

How Do You Obtain a Strata Inspection Report?

To obtain a strata inspection report, you will need to engage a professional building inspector who specializes in strata inspections. The inspector will visit the property and conduct a thorough inspection of the building and common areas. Once the inspection is complete, the inspector will prepare a detailed report that outlines the condition of the property, any defects or maintenance issues, and the strata scheme's financial position. It is important to note that the cost of a strata inspection report can vary depending on the size of the property and the level of detail required in the report. However, the cost of the report is a small price to pay for the peace of mind that comes with knowing the true condition of the property.

How can the Building Inspection App Help Inspectors?

In recent years, technology has made it easier for inspectors to produce strata inspection reports quickly and accurately. A building inspection app can help to streamline the inspection process and provide a more detailed and comprehensive report.

Building Inspection App, powered by Formitize, allows inspectors to use their mobile devices to capture images, videos, and notes during the inspection process. This information is seamlessly synced to a cloud-based system, where it can be reviewed and edited by the inspector. The final report can then be generated automatically, saving time and improving accuracy.

Building Inspection App offers many other benefits, here are a few highlighted:

1. Increased efficiency: With The Building Inspection App, inspectors can complete inspections quicker and more accurately than ever before. This means that potential buyers can receive their strata inspection report in a timely manner, allowing them to make an informed decision about the property.
2. Better accuracy: The Building Inspection App can help to eliminate errors and inconsistencies in the inspection process. By using standardized checklists and templates, inspectors can ensure that all relevant information is captured and reported accurately.
3. Improved communication: The Building Inspection App can help to improve communication between inspectors, clients, and other stakeholders. Reports can be shared quickly and easily, and clients can access their reports online at any time.
4. All-in-one Business Solution: The Building Inspection App is a complete business solution that goes beyond generating exceptional reports. It streamlines all aspects of your business, such as job scheduling, quoting, invoicing, customer database management (CRM), and auto-reminders to name a few. This all-in-one tool enables building inspectors to manage their business efficiently and effectively while allowing for scalable growth.
   

In conclusion, a strata inspection report is a crucial component when buying or selling a strata-titled property. It provides valuable information about the building's condition, the common property, and the strata scheme's financial position, enabling potential buyers to make well-informed decisions.

The Building Inspection App plays a significant role in assisting inspectors in producing high-quality, accurate, and timely strata inspection reports. By offering a complete business solution that streamlines all aspects of an inspector's business, the Building Inspection App helps building inspectors work more efficiently, improve communication with clients, and ultimately enhance the overall experience for property buyers.