Have you ever considered purchasing a strata property but then got fazed by how different it is from buying a house?

There’s a whole additional layer of due diligence that needs to be done and before you get elbows deep in a property, inspecting strata records should be your first course of action.

Amanda Farmer of Your Strata Property shares her expertise in strata & community titles law. We talk about why you must start with records inspection before buying, the 4 steps she takes for a successful strata records inspection, a brief look at the 101s and much more!

If you enjoy the show, do like, rate, subscribe, and share it with others! We have loads of resources available and if you’d like to chat, email us at [email protected]!

We are also holding a live Where to Buy Workshop - Investor Edition later this evening, Nov 24, 2021, 7-9PM AEDT (6-8PM Brisbane time)! If you want to join us, check out the link here!

We’ll see you on the inside!

 

Episode Highlights:

1. The Rollercoaster Apartments in Vietnam [03:52]
2. You must always start with the inspection of records before buying [05:30]
3. Strata 101 for first home buyers [06:21]
4. How do you know if the records you’re getting are complete & correct? [10:16] 
• Who makes up the body corporate of strata apartments? [11:13]
5. Why buyers MUST examine strata records [13:06]
6. Step 1 - Request to see the records [18:04]
7. Get advice from someone who truly understands strata [22:02]
8. Step 2 - Understand what should be there when you inspect strata records [24:22]
• Why do forecasts and the capital works fund go hand in hand? [26:54]
9. What does Amanda look for in terms of strata compliance? [32:56]
• Buying old vs. new buildings [34:45]
10. Step 3 - Understand the misconceptions when it comes to records inspections [38:18]
11. Step 4 (for owners) - Request for any missing records you want to see [44:57]
12. Step 4 (for buyers) - Ask an adviser if record details make you uncomfortable [46:00]
13. Don’t be afraid to invest in strata (with the right knowledge)! [48:35]

 

Links from the Show:

• Successful Strata Records Inspections by Amanda Farmer
• Episode 68 | How bad can things go with buying strata property | Karen Stiles, Owners Corporation Network of Australia
• Episode 87 | Building approvals, conflicts of interest & who’s to blame for construction issues? | Kerry Hunt, Manager Building Construction Team
• Episode 103 | Strata owners - rights & obligations | Amanda Farmer, Your Strata Property
• Episode 106 | Dodgy developers & Strata Living | Jimmy Thomson, FLAT CHAT
• Episode 113 | What’s behind the wall?: 85% of developments have defects | Dr. Nicole Johnston, Deakin University
• Episode 176 | Developers are in the Government’s crosshairs | David Chandler, NSW Building Commissioner

 

About Amanda

Amanda Farmer provides upfront, no-nonsense legal advice and representation via her legal practice, Lawyers Chambers. As a Fellow and Council Member of the Australian College of Strata Lawyers, she is recognised by her peers as an accomplished professional in the area of strata and community titles law. Amanda advises and represents owners, buildings, developers, strata management companies and local councils. She is also the host of the Your Strata Property podcast.

 

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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