It's an official document the strata manager issues showing key information about the scheme — current levies, balance of the funds, any special levies, by-laws, insurances and pending major works. Sellers must provide one to buyers in most states.
Absolutely yes. A professional strata report inspects the books, minutes, insurance and financials in detail and surfaces issues the disclosure certificate won't — pending special levies, defects, ongoing disputes, insurance issues and management quality.
Current levy amount, sinking fund balance, last 10-year forecast, recent and pending special levies, insurance coverage and excesses, by-laws (especially pets and renovations), minutes of the last 2 years of meetings, and any active legal disputes.
It can still be a fine purchase if the defects are documented, costed, and there's a clear plan to fix them — funded either by the developer's warranty, the sinking fund, or a known special levy. Walk away if the picture is murky or owners are still arguing about what to do.
Not necessarily. High fees in a well-run building with a fully-funded sinking fund and lots of amenities can be money well spent. High fees in a poorly-managed building with deferred maintenance and a low sinking fund are a serious warning sign.
You can vote as soon as your name is recorded on the strata roll — usually within 2–3 weeks of settlement. Your conveyancer should notify the strata manager of the change of ownership, but it's worth following up directly to make sure the roll is updated.
Look for any restrictions on letting (especially short-term), pet policies (some attract higher rents), pending special levies, and the building's reputation with property managers. Make sure the scheme allows landlords to claim management fee deductions correctly.
You're buying both your private lot and a share of common property and the obligations that come with it. You'll pay quarterly levies, have to follow the by-laws, can be called into meetings and special levies, and your share of decisions is decided by majority vote.