Strata Corp and Audits Kensington

STRATA CORP AND AUDITS

When buying into a strata property like an apartment, townhouse or unit/flat complex, it’s crucial to review the Strata Corporation’s management and financial health. A Strata Corporation is the legal entity that oversees the entire strata scheme, managing common areas, enforcing bylaws, handling finances, and ensuring proper maintenance.
An independent Strata Audit Report provides an in-depth review of the Corporation’s records and practices. This report reveals:

Financial Stability

The funds available for repairs and maintenance
Any outstanding debt or looming major expenses

Legal Compliance

Adherence to strata laws and regulations
Review of bylaws and dispute history

Operational Management

Identification of any financial mismanagement
Assessment of the strata committee’s effectiveness

Why It Matters? Purchasing into a strata scheme means you’ll be liable for governing body fees and special levies. An audit report ensures you understand the investment you’re making and any potential issues or costs down the road. It assesses the financial and operational health of the entire property.

What’s Included
A comprehensive strata report details the building’s history, financial status, pending works, a 10-year budget analysis, insurance information, and any compliance or dispute records. This provides the full picture before purchasing into the strata plan.

Don’t go into a strata property purchase blindly. Request a Strata Corporation Audit Report to make an informed, confident investment decision on your new home or investment property.