YES! Before buying a strata lot you should DEFINITELY request a strata report.
Although the property owner has disclosed information about the lot itself as required in the contract, the contract doesn’t require disclosure of important information about the common property. Financial and managerial information about the Owners Corporation and common property including current funds, defects, insurance, maintenance, past legal action, upcoming works, proposed expenditure, and much more is contained in a strata report.
It is important to know information about the common property because when you buy a lot as part of a strata scheme you take a portion of responsibility for the common property, not only for your lot. The information gained may influence your decision to buy as it indicates what you can expect to pay as a lot owner in the strata scheme, and how matters are managed.
To gain access to a strata report, you need a letter of authority from the property vendor’s solicitor and you will incur a small, but worthwhile cost. The report can be obtained through your solicitor or your agent may assist. However, its important you pay the strata reporting company directly, so if there are problems with the report itself you may have some contractual claim.
So, make sure you obtain a strata report before reaching a decision on buying a lot. It can save you time, money and trouble by ensuring that you are not joining a scheme that is poorly run, but one that is right for you.