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It is important that you inspect the books and records of the owners corporation before buying. Sometimes your solicitor will arrange this for you, but not always. There are companies which specialise in inspecting the books and they know what to look for.
If you are an owner, or you have an owner’s or a mortgagee’s or covenant chargee’s permission, you may write to the Secretary of the owners corporation and ask the Secretary to let you look at the records [s. 108].
The owners corporation must let you look at all the records and should make arrangements with you to do this.
When you are looking at the records you may make copies (eg. a copy of the strata roll). Unless you have the owners corporation’s written permission you must not take any of the records away. There is a fee to look at the records [Regulations – Clause 16 (2)].
An inspection will show the history of maintenance on the building and provide a valuable insight into any complaints lodged by other owners. It may also show plans for future spending.
