Better Information For Buyers Of Strata Properties

The Strata Title Act Reform WA 2016 will provide buyers of strata properties with more detailed information than they could previously access.

better buyer info for strata schemes in perth wa.

Key Points

  • Currently strata buyers cannot access information digitally, they are unable to know how much money is in the strata company’s administration fund and the information which they do receive is not clearly presented.
  • The 2016 strata reforms are aiming to give the buyers information which is easy to access and understand, as well as ensuring that the seller provides all necessary information and the buyer can contract out of a settlement if necessary.
  • Additional information the strata buyer will receive includes:
    • Minutes of previous administration meetings and bylaws
    • Data on fund accounts and insurance details
    • Details on variations which a contract cannot be cancelled upon
    • Notification of unexpected variations
    • Electronic access to records and relevant information

Also, the State Administrative Tribunal will have the authority to resolve any disputes between the seller and the buyer quickly and efficiently.

Short Video Outlining Changes In More Detail

YouTube video

Source: Landgate

Jurovich Surveying

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