Extract of resources in the toolkit – Owners Corporations

Contents

1. Explanations of regularly used terms in strata reports. 3
2. Explanations of issues arising from missing documents. 3
3. Explanations of incidental issues often identified in reports. 3
4. Explanations of particular issues often identified in strata reports. 4
5. Explanatory articles for lawyers and conveyancers to use their own branding and then place on their letterheads and give to clients. 4
6. Precedent correspondence. 4
7. Example buyer related special conditions for Contracts for Sale. 5
8. Commentary on preparing clauses in leases to deal with issues identified in strata reports affecting the subject lot 5
9. How to access Metropolis accredited service providers. 5
10. Contact details for Metropolis accredited service providers. 5
11. Style guide. 5

Extract of resources in the toolkit – owners corporations

1.    Explanations of regularly used terms in strata reports

Administrative fund

Capital works fund

Building Management Committee

Community Association

Neighbourhood Association

 

2.    Explanations of issues arising from missing documents

Building valuation

Annual Fire Safety Statement

Work Health and Safety Report

Asbestos Report

Lift Registration Certificate

 

3.    Explanations of incidental issues often identified in reports

Owners corporation is a member of a building management committee

Owners corporation is a member of a community/neighbourhood association

The repair and maintenance cycle of this complex is at an expensive stage

A notice of a future general meeting of the owners corporation has issued

A special levy may be struck to repay a loan from the capital works fund

Insurance excess is high

Insurance information we sighted does not include a loss of rent component

A by-law has been passed imposing on individual owners obligations in

relation to repair and maintenance of particular items in their units

Approval has been given for works in the subject lot

4.    Explanations of particular issues often identified in strata reports

Consequences for buyers of building defects in recently constructed strata complexes

Commentary on below budget capital works funds

Council orders

Buying into a complex, the subject of a strata conversion

Buying into older strata complexes

Arrears of levies

Compulsory appointment of a strata manager

Proposed changes in unit entitlements

 

5.    Explanatory articles for lawyers and conveyancers to use their own branding and then place on their letterheads and give to clients

Why buyers need strata inspection reports

Guidance for buyers who want to renovate

Guidance for buyers who want to keep animals

Buying into a complex, the subject of a strata conversion

Buying into older strata complexes

Important issues for buyers in two lot strata subdivisions

Important issues for buyers in 3-10 lot strata subdivisions

Key repair and maintenance considerations when buying into a strata complex

Concerns about vendor strata reports

 

6.    Precedent correspondence

Letter to strata manager seeking further information

Letter to strata manager where insurance cover is lower than in the building valuation

Letter to strata manager requesting missing documents be obtained (eg work, health and safety report/asbestos reports)

 

 

 

7.    Example buyer related special conditions for Contracts for Sale

Adjustment of special levies

Vendor warranty - no unapproved works in unit

Vendor warranty – no breaches of by-laws

Vendor warranty – works have been undertaken in accordance with a by-law and all required approvals

8.    Commentary on preparing clauses in leases to deal with issues identified in strata reports affecting the subject lot

 

9.    How to access Metropolis accredited service providers

Building inspectors

Fire safety experts

Work, health and safety consultants

Asbestos consultants

Lift consultants

Building valuers

10.   Contact details for Metropolis accredited service providers

 

11.   Style guide