Risk Assessment Reports and the Differences Between a Standard Report

What is the difference between our standard reports and our risk assessment reports? Our standard report is like most other reports in the strata reporting marketplace. It is a collection of information from the records of the strata manager. It is presented to clients for them to interpret with the help of their lawyers and conveyancers. In other words, it is a data dump. The problem with this type of reporting is that lawyers and conveyancers and certainly their clients are not trained to interpret the information in these reports. That means clients are often not provided with accurate and essential information before they buy into a strata complex. On the other hand, strata inspectors preparing risk assessment reports are trained to interpret this information when providing risk assessment reports. In addition, all the important information is included in an easy-to-read executive summary at the beginning of the report. If clients and their lawyers and conveyancers still have questions, our inspectors also offer an almost unlimited telephone support service. Issues covered in a risk assessment report not covered in standard reports include:

• Is the administrative fund tracking close to budget?
• Is the capital works fund around recommended levels when background information is taken into account?
• Are there sufficient funds available to meet proposed major expenditure?
• What does it mean when there is no annual fire safety statement, or work health and safety report, or asbestos report, or a building valuation or a lift registration certificate?
• What does it mean if there is a deficit in the administrative fund? When is a special levy likely and if it is likely, how much will you be expected to pay?
• Does the history of expenditure reveal problems of a recurring nature eg remedial building works?
• What do buyers of older strata units need to particularly consider?
• Why is a building inspection of your lot necessary?
• What are the implications of cladding on the façade of your complex being non-fire compliant?
• What are the implications of balcony railings being below current Building Code of Australia heights even though they complied when first built?
• What are the implications for owners when there are insufficient funds to pay the upcoming insurance premium?
• Can you attend an annual general meeting as a proxy of the vendor during your settlement period?

In addition, we include many explanatory articles for buyers such as understanding:

• Community, neighbourhood and precinct complexes
• Building Management Committees
• Company title complexes
• Advice for buyers of older strata units
• Why strata inspections of 2 lot strata complexes are necessary?

We typically go back up to 4 years, depending on the extent of the records.