Vendor Strata Inspection Reports – Why should a vendor order a report?
When selling a Property it is imperative for the Vendor (seller) to disclose certain things about the property as a part of Vendor Disclosure Laws.
When selling a Strata Titled property the vendor must disclose any special levies, issues and other aspects of the lot and strata plan that the vendor is aware of and that may affect a purchaser’s decision to purchase the property.
A very effective way to comply with Vendor Disclosure Laws is for a Vendor of a Strata Titled property to order a Strata Inspection Report and to make this report available to prospective purchasers.
The Strata Inspection Report is conducted by way of a Strata Inspector attending the offices of the Strata Manager or the holder of the books and records of the Strata Scheme (Body Corporate) and inspecting those books and records. The inspector will from this information compile a Strata Inspection Report, detailing the finances, special levies, issues, planned works, by-laws and other associated matters relating to the Strata Scheme.
This Report will be sent to the Vendor, the Vendors Real Estate Agent and made available to Prospective Purchasers.
Market Feedback as to Vendor Strata Inspection Reports
Vendors
On many occasions Vendors are surprised with information found in the Strata Inspection Report. Vendors, through no fault of their own, may not be privy to all matters relating to the Strata Scheme. Strata Inspection Reports are a great way for Vendors to inform themselves of the activities and financial position of the Strata Scheme.
Purchasers
Prospective Purchasers of Strata titled properties find that it enables them to make a quick yet informed decision whether to purchase a property when a Strata Inspection report is already available for them to review. Purchasers enjoy the fact that there is no expense incurred by them to obtain the requisite information to confidently proceed with the purchase.
Real Estate Agents
Real Estate Agents find that Vendor Strata Inspection Reports are beneficial for a number of reasons.
Agents Property Knowledge; The Strata Inspection Report outlines all the agent needs to know about the Strata Scheme. It also enables the agent to supply the buyer with the answers to the buyer’s questions and build trust with buyers.
Creating more competition; Whether the property is listed by private treaty or auction, the Strata Inspection Report attracts more buyers to the property, creating stronger competition translating into a maximum sale price for the vendor.
Reduced selling time; A Strata Inspection Report being immediately available to prospective purchasers reduces the time in which purchasers undertake their searches translating into reduced selling time for the vendor.
Ability to exchange contracts out of hours and on weekends; A Strata Inspection Report being immediately available allows purchasers to sign and exchange contracts without waiting for a business day.
