Forums / Property Investing / Help Needed! / Strata Records?

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  • Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Join Date: 2015
    Post Count: 376

    Do Strata Managers have to give access to records to prospective purchasers?

    I’ve had a situation where I am about to bid on a property but am concerned as to why the strata fees are about $200pq higher than they should be for a building of this size/age.

    When I asked for a copy of the last two years records the strata manager has refused to provide a copy and however indicated that I should purchase a “Strata Report” for $299.

    I emailed to ask why they would give them access to the data but not me……to no answer.

    So I ask the question again “Do Strata Managers have to give access to records to prospective purchasers?”

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post Count: 282

    Yeah, something similar happened to me a while back. I think eventually we got it through the vendor 😉

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
    Email Me | Phone Me

    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,173

    NSW property?
    STRATA SCHEMES MANAGEMENT ACT 1996 – SECT 109
    http://www.austlii.edu.au/au/legis/nsw/consol_act/ssma1996242/s109.html

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Join Date: 2015
    Post Count: 376

    Thanks for the link to the regulations Terry.

    Unfortunately they seem to tell you about the “apartment” but not really where the money is going and why the strata fees are high.

    But next time I get a strata manager tell me they don’t want to provide any info i’ll send them a form letter asking for the minimal amount and quote the regs just so they have to do ‘some work’ :)

    Appreciate it.

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