Hi,
I've had a strata report prepared for a property I've exchanged for - I'm still within the cooling off period.
There's an agenda for the upcoming annual strata meeting on Monday. It includes this item:
Defect Reports - Your Executive Committee have included three quotes to obtain a Building Defects Report for [Building name] (Motions 12 to 14), Once a Building Defects Report is prepared, an insurance claim will need to be lodged by a legal firm specialising in defects. The Lawyers will recommend that [Building name] also employ consultants for litigation compliant fire and hydraulics reports. A budget of $10,000 for legal fees is included and $60,000 for consulting fees, which is an estimate for the Building Defects, Fire and Hydraulics Reports.
The guy who did the strata report wasn't very helpful. Can anyone throw light onto what this might mean?
The building is approx 6 years old and I understand that sometimes these reports are done specifically to identify any issues before the builders 7 year warranty runs out.
However this looks to me like it could indicate something more serious. The only thing I've been able to find out is that some water damage to one of the units was supposed to have been fixed by the builder last year. I'm not sure if this is related.
Thanks for any light you can shed on this.
Regards
Ethann
I've had a strata report prepared for a property I've exchanged for - I'm still within the cooling off period.
There's an agenda for the upcoming annual strata meeting on Monday. It includes this item:
Defect Reports - Your Executive Committee have included three quotes to obtain a Building Defects Report for [Building name] (Motions 12 to 14), Once a Building Defects Report is prepared, an insurance claim will need to be lodged by a legal firm specialising in defects. The Lawyers will recommend that [Building name] also employ consultants for litigation compliant fire and hydraulics reports. A budget of $10,000 for legal fees is included and $60,000 for consulting fees, which is an estimate for the Building Defects, Fire and Hydraulics Reports.
The guy who did the strata report wasn't very helpful. Can anyone throw light onto what this might mean?
The building is approx 6 years old and I understand that sometimes these reports are done specifically to identify any issues before the builders 7 year warranty runs out.
However this looks to me like it could indicate something more serious. The only thing I've been able to find out is that some water damage to one of the units was supposed to have been fixed by the builder last year. I'm not sure if this is related.
Thanks for any light you can shed on this.
Regards
Ethann