Body Corporate Search

[jude]

Hi there all you experts

I am about to sign the contract on my first IP
I have 21 days for building and finance and have decided to do my own search on the body corporate. I have an appointment to view the records on Wednesday.
I will be looking for:
the minutes, any issues, disputes
any repairs undertaken or any major repairs to be done, a plan
insurances are in place, public liability, building ???
financial status

Have I missed anything?

I would appreciate any advice or guidance

Jude

 

[Rob Williams]

I find that the minutes are what provides me with the most useful information in terms of any ongoing issues eg frequent plumbing problems which could result in expensive repairs etc.
Also you need to know if there's a sinking fund in place to cover things like painting, new fencing, building repairs etc. Otherwise, there will be a special levy on all owners to cough up $$.

 

[jude]

Thanks Rob,
I was quoted $550 by the solicitor and was told by the RE that it would cost $26.40 if I do it myself!

 

[Rob Williams]

I'm not sure how it works where you are, but in SA the REA has to provide all that info to the prospective purchaser. The conveyancer also does these searches as part of the other searches that they do. DIY seems to be the way to go. Check the strata plan, too so you know what's allocated to your property eg. yard, car park etc.
Good luck.

 

[jojo2009]

I paid for a strata report recently - this being my first one - and anticipated that the report would provide the facts but also pass some valued comments - like whether or not there were sufficient money in the sinking fun. An excerpt of the report follows, but was hoping that someone could translate this report as whether or not this sounds like a healthy or unhealthy report. It was for a 2 bedroom unit amoung 12 units in a 2 storey walkup - being located in inner Sydney, built in the 1960s.
_________________________________________________________________

5. Owners Funds
ADMINISTRATION FUND : $24,430.11
SINKING FUND : $211.03
COMBINED : $24,641.14
TOTAL LEVIES IN ARREARS : $7,178.31

6. Annual Levies- Budget
The budget passed at the last Annual General Meeting is as follows:
ADMINISTRATION FUND : $25,000.00
SINKING FUND : $740.00
EFFECTIVE FROM : 1/10/2008
Previous years levies: Admin’ Fund: $14,434 Sinking Fund: $9,000

7. Subject Lot Levies
Levies payable by the subject lot are as follows:
ADMINISTRATION FUND : $473.47 per quarter. Paid to 31/12/2008
SINKING FUND : $14.02 per quarter. Paid to 31/12/2008

 

[santaslayer]

Thanks Rob,
I was quoted $550 by the solicitor and was told by the RE that it would cost $26.40 if I do it myself!

$550 is quite steep. More expensive than a Building or Pest Insp report!

 

[jude]

I completed the corporate body search with no problems, I think! I used the camera to take photos of interesting documents and have the latest figures and a history of correspondence and work completed in the last 5 years. Now I have all this information stored on the computer
No problems or alarms bells and have signed the contract.

 

[travelbug]

I paid for a strata report recently - this being my first one - and anticipated that the report would provide the facts but also pass some valued comments - like whether or not there were sufficient money in the sinking fun. An excerpt of the report follows, but was hoping that someone could translate this report as whether or not this sounds like a healthy or unhealthy report. It was for a 2 bedroom unit amoung 12 units in a 2 storey walkup - being located in inner Sydney, built in the 1960s.
_________________________________________________________________

5. Owners Funds
ADMINISTRATION FUND : $24,430.11
SINKING FUND : $211.03
COMBINED : $24,641.14
TOTAL LEVIES IN ARREARS : $7,178.31

6. Annual Levies- Budget
The budget passed at the last Annual General Meeting is as follows:
ADMINISTRATION FUND : $25,000.00
SINKING FUND : $740.00
EFFECTIVE FROM : 1/10/2008
Previous years levies: Admin’ Fund: $14,434 Sinking Fund: $9,000

7. Subject Lot Levies
Levies payable by the subject lot are as follows:
ADMINISTRATION FUND : $473.47 per quarter. Paid to 31/12/2008
SINKING FUND : $14.02 per quarter. Paid to 31/12/2008

$7,178.31 in arrears. That doesn't sound good.

Also the sinking fund is pretty low. If anything (even something small) needed doing there would have to be a special levy.
better than mine when I bought. I rang to ask for figures and was told the sinking fund had $30 in it.

The figures don't add up. if there are 12 units the fees do not add up to the total annual levies budget. Strange.

I'd be checking if it's fire compliant too. That can be a big cost.
Do they have a 10 year maintenance plan? I doubt it with that sinking fund. They are compulsory for all soon (some already, depending on age of units).