A potential buyer of a unit within a block in Moore Park in Sydney undertook an inspection of Strata documents in 2015. The records that were found were described as “terrible”. Has this happened to you and is this an isolated incident?
A buyers agent was hired by the prospective buyer only to find missing documents in the physical file at the Strata Manager’s office. This included minutes that were out of order, missing defect and engineering reports and missing files such as paid invoices.
The buyer decided not to proceed with the sale after the Strata Manager gradually emailed through records. The Strata Managers claimed that they were unaware of any missing documents and reassured that they complied with the Strata Scheme Management Act.
Buyers are being cautioned to ensure they are purchasing apartments from buildings with properly maintained and accurate records to ensure there is transparency with the buildings condition and no defects are present.
Why it is important that records are maintained?
It is imperative that your Committee appoint a Strata Manager that will ensure owners and potential buyers are aware of all information relating to the building. Potential buyers can be deterred if your buildings records are missing correspondence, minutes, reports, paid and unpaid invoices and more.
How does SSKB ensure their records are maintained?
Via our electronic document management systems, SSKB has a dedicated team of non-client facing staff whose sole role is to update all essential aspects of the Body Corporate records. The records updated include the Owners Roll, Contracts and Agreements, third party Reports, Term Deposit Investments, common property Inspections Register (for non-contractual routine on-site matters), minutes and every item of correspondence.
The SSKB Community Manager tables at every formal Committee meeting for the Committee’s information and review the various registers and engagements for complete transparency. Owners have access to committee and general meeting minutes online at any time as well as registered documents for the Body Corporate, reports and documents of relevance. Any other request for a report or document can be quickly and easily retrieved from our system upon request.
Disclosure statements, if requested by prospective purchasers, will list any potential issues or liabilities of the Body Corporate and minutes are kept in good order both electronically and systematically by date and type so that any prospective purchaser can follow the activities and issues of the body corporate recorded via regular meetings held by the body corporate.
If your current Strata Manager cannot provide to you full and transparent access to every record, click here to make the switch to SSKB today.