Hello,
am looking at buying a split level apartment in Canterbury. Initial offer accepted, but strata report and building inspection reveal lots of concerns. They are: strata is self managed but there is no regular meetings and the strata manager is owner of unit for sale and appears to be unlisenced, no sinking fund listed, general building account only has $800 (!!) in it, strata costs are approx $450 a quarter. Issues with fire regulation compliance (no smoke alarms, no fire door etc), compliance with OH&S, building insurance looks to be undervalued by about $1-2 million. Building report lists evidence of concrete cancer, roof works and general maintenance in the area of about $30K amongst all unit owners. Wouldnt be such an issue if there was a sinking fund and actual sinking fund fees already established. Owner refuses to drop the price further, but has offered to fix 'strata management issues'. No idea how likely it is that they can ensure other owners agree to establishment of sinking fund and lisenced strata manager - not sure if it can be made legally binding through contract. Any suggestions? or just get out while I can!
am looking at buying a split level apartment in Canterbury. Initial offer accepted, but strata report and building inspection reveal lots of concerns. They are: strata is self managed but there is no regular meetings and the strata manager is owner of unit for sale and appears to be unlisenced, no sinking fund listed, general building account only has $800 (!!) in it, strata costs are approx $450 a quarter. Issues with fire regulation compliance (no smoke alarms, no fire door etc), compliance with OH&S, building insurance looks to be undervalued by about $1-2 million. Building report lists evidence of concrete cancer, roof works and general maintenance in the area of about $30K amongst all unit owners. Wouldnt be such an issue if there was a sinking fund and actual sinking fund fees already established. Owner refuses to drop the price further, but has offered to fix 'strata management issues'. No idea how likely it is that they can ensure other owners agree to establishment of sinking fund and lisenced strata manager - not sure if it can be made legally binding through contract. Any suggestions? or just get out while I can!