Strata Report Costs

Hi All,

I read on the forum the strata report on average costs between $100 and $300. My solicitor has quoted me $440 ! So I am holding back and intending to order the report independently by finding a starta search company myself. What are the suggestions here? Is the report self explanatory? Or does it require a solicitor to look at it? I'd rather not pay $440 for it through the solicitor.:confused:

Cheers
 
We sold two IPs a couple of years ago. One strata report cost us $120, and the other was free.

I assume you are the owner of the unit. Find out who manages the BC (you should already know). Often this is subbed out. Then contact them direct. Simply provide the report to the solicitor. They are probably charging you $100 just to make the phone call.

If you are a buyer, simply find out. It will be in the minutes or any strata report, which the RE agent should be able to provide from the vendor.
Marg
 
Hello Marg,

I am a FHB. Actually this is for my sister's FH. So new to this. Do you reckon we should be able to ask the REA to get the report off the vendor?

Who did you get the strata report done by? $120 seems like a very good price!
 
Our properties were in Queensland. Things may be different in other states.

Here it is up to the vendor to supply the official strata report. We simply contacted the management company who run the body corporate and put in a request, paid the fee (where there was one) and they sent the report which we supplied to the RE agent. Whole process took about 7-10 days from memory.

By all means ask the RE agent to get one for you. It is in the vendor's interests to make the property as appealing as possible, and supplying the necessary reports on request would be a good thing for all parties.

Good luck!
Marg
 
Do you reckon we should be able to ask the REA to get the report off the vendor?

You can ask - but it will not be available. Just like P&B reports are done for the purchaser (and not normally by the vendor).

It should only cost about $220 here in Sydney unless you have put a priority on it.
 
hi sa,

My Strata properties were/are also in Queensland and the most it has cost me is $120.

If in NSW your Solicitor has to supply them, then kindly ask your Solicitor for the Strata Management Name. Then ring Management and order them for yourself.

I hope someone else with more experience with Strata in NSW can answer your question with certainty.

Regards JO
 
And Prop beat me to it in two minutes.

I did however miss the importance of your question regarding whether you need a Solicitor to explain it to you.

If you get your hands on the report, you'll either understand it or not.

Regards JO
 
If you get your hands on the report, you'll either understand it or not.
Look, to read these things properly you need to be able to read a P&L and balance sheet. You also need to know if having $20K in a sinking fund for a 22 unit block is good or not. You need to be able to read company accounts and see if they spend a lot or not enough. If you can - fine. If you cannot use your solicitor who will have a feel for these things.

I've seen a few lately done by (at least I can read them and understand:)):
C. P. REPORTS PTY LTD
ABN 55 114 756 320
Postal Address:
P.O. Box 601
MAROUBRA NSW 2035
Phone: (02) 9314 1144 Internet: www.cpreports.com.au
Fax: (02) 9314 1199 E-mail: orders@cpreports.com.au
 
Your solicitor will probably get his/her nose out of joint by not going through them. They will definately want to review it as it is their job to ensure you fully understand what you are getting yourself into.

$440 sounds expensive but it depends on what other fees are being charged. The solicitor I used last, the strata report fee was included in his overall fee of $1400. However, if I didn't go through with the purchase he said it would cost me about $250.

Have you already signed a contract and in cooling off? Time may be of more importance than saving $150.
 
It is good to use whoever your solicitor uses as the charge might also include time they spend going through the report with you etc, if it isnt already included in the overall cost.

Will your solicitor charge you to look at a report you independently order? If so, then the cost will be close to what they are charging.

Also, where did your sister end up buying at?
 
Thanks all,

Yes we have exchanged the contracts. $440 is definitely very expensive. I'd rather order it myself and get the solicitor to review it.

Propertyunity, how long do these $220 reports take to come back? My solicitor said the reports take 48 hrs to come back, so perhaps he is talking about a priority ones?
 
It is good to use whoever your solicitor uses as the charge might also include time they spend going through the report with you etc, if it isnt already included in the overall cost.

Will your solicitor charge you to look at a report you independently order? If so, then the cost will be close to what they are charging.

Also, where did your sister end up buying at?

I am not sure if the solicitor will charge for taking a look at it. He is charging us $1265 for the rest of the stuff. He better take a look in that money !

Actually this is for my sister :) I am still looking :)
 
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