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Strata documentation to be given to Potential buyer
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Cosmo
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15/12/2018 - 12:30 pm
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Hi I was just wondering if anyone has some helpful comments in regard to the below.  Primarily we are concerned about what we should do and charge. 

We are a small 5 unit strata.  We have always self managed.  One owner is selling their unit.  The procedures have become more formal than last time a unit was sold. 

A strata firm has written and asked the strata for a lot of details and copies of documents.  We are quite happy to provide what we can of those requested as there is nothing to hide.

The firm hasn’t mentioned s184 certificate nor any section of the Act just that they act for a potential vendor.  Many of the things requested are listed in section 184.  However they have asked for a lot more.  Interestly they haven’t mentioned any payment to the strata.  

To just find out if we have some of the things they have requested and compile them will take time maybe 4 to 5 hours.

The prescribed fee for a s184 certificate appears to be $119.90.  A certificate being a very formal document.

Should we just give one of those and answer those listed in that section; or not do a certificate and supply (or at least try to) the list of things asked for and charge (how much $) for the time taken to locate and compile what is asked for?

Hints or suggestions?

Thanks

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Cosmo
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18/12/2018 - 6:04 am
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I realise the charges are covered by  Strata Schemes Management Regulation 2016 -Schedule 4  so it should probably be treated as a s182 or s184 request.  S182 prescribes $31 for the first hour and an  additional $16 for each half-hour or part of half-hour after the first hour of inspection.

The firm did not mention any sections under which access was sought.  When we mentioned a payment to us they appeared quite taken back. Initially their reaction was we will pay the prescribed fee of s182 ie $31 and want you to locate, copy, scan and send the documents to us and supply us further information.  

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kaindub
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18/12/2018 - 11:36 pm
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Cosmo

This is pretty unusual

I was part of a small complex that self managed. When a lot was for sale, the potential buyer organized a specialist strata inspection company to come to the place where the records were kept and go through them.

They brought their own scanners and did the work themselves

I woild hesitate to dotheir bidding. Let them go through whatever theywant to see and sort it out themselves.

Being self managed, I would be certain that your books and records are not in a form that the strata management companies use. Thats ok as long as your strata holds the right records and you are able to manage from them.

By you doing the runaround you spend a lot of time. The strata inspectors have never spent more than an hour looking through my books.  

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