Strata Properties in Taree
Strata Properties Come with Extra Considerations
You’re about to make an offer on a strata unit and of course, you consider the condition of the property.
When you are dealing with strata, the most important inspection you can make is the strata inspection which, for a little investment can provide a lot of peace of mind.
Buying into strata properties isn’t the same as purchasing a standalone home. You’re not just buying a unit—you’re also becoming part of an owners corporation responsible for shared spaces like hallways, gardens and lifts.
At All About Conveyancing Taree, we help buyers understand their rights, obligations and ongoing costs before committing. Strata properties in Taree and the surrounding region often have rules around renovations, pets and common area use, which can impact your lifestyle or investment plans.
Our team reviews strata reports, checks for outstanding fees and aims to ensure you know exactly what you’re buying into. A thorough legal review now can save you from costly surprises later.
Get in touch with our team on 1300 529 960 for straightforward guidance on your strata purchase.
Strata report reviews to avoid hidden costs
Clear guidance on by-laws and levies
Contract checks for hassle-free settlements
What Is Strata?
Strata schemes introduce the concept of “common property”, which is that part of the property not owned by any individual, but rather all of the owners together, who form the “Owner’s Corporation” or body corporate.
From the gardens to the driveway, hallway, stair wells, pool, lifts and common laundry, you’ll be jointly responsible for dealing with any building issues that arise. MOST importantly, the building itself is common property—that’s right—you don't own the building, you own the right to occupy it. The Owner’s Corporation owns the building.
The Owner’s Corporation is required to maintain their own bank accounts, so that funds are available for any work that arises. Each owner contributes levies to the fund.
What Are Strata Inspection Reports?
A strata inspection report is a full review of the Owners Corporation records. It doesn't inspect the building itself but inspects the records held by the Owners Corporation.
Since you're dealing with common property, any issues that have arisen on the common property will probably be documented in the records.
We’ll organise a strata inspection before you commit, giving you a clear picture of the Owners Corporation’s financial and maintenance history before you buy.
What's In A Strata Inspection Report?
Like any other inspection, the strata inspection will need to be done prior to exchange of contracts. This is because the contract you're entering will say that you're buying the property in its current state—in other words, after you exchange contracts, it's too late—you’ve bought it anyway.
A strata inspection report covers all the aspects involved in the administration and maintenance of the common property, including:
- Current property ownership and voting rights
- Structural or building defects
- Planned or previous major works
- Quarterly levies and proposed special levies
- Bank balance
- Capital Works Fund forecast
- Strata scheme insurance cover and/or claims
- Pet policies
- Harmony between residents
- Compliance documentation
- Litigation, disputes and/or breaches of by-laws.
Essentials in Your Strata Inspection Report
A Strata Inspection Report is only as reliable as the records kept by the Owners Corporation. Many are managed by strata managers, but if they’re not, it’s worth taking extra care. Look at both the quality of the management and the details in the report.
For most buyers, the key review is comparing available funds, planned maintenance and the Capital Works Fund forecast. This helps you understand potential future costs.
It’s also important to read the by-laws, as they can affect how you use the property, including renovations, pets and common area rules.
