Craig

Well, as we know, part of the explosive property boom over the last couple of years has occurred right across the east coast of Australia with huge financial gains in property prices.

And as Sydney becomes more densely populated with those prices increasing, people are turning their attention to buying apartments.

Now most apartment blocks are strata blocks and this is where it becomes a little tricky for the purchaser because how do you know if your strata scheme is properly managed and run?

So we thought that this is a great topic to discuss as part of our property contracts and conveyancing series with Sam Saad because he is the partner and owner of Clinch Long Woodbridge Lawyers at clw.com.au.

Hey, good morning, Sam.

Welcome back to the Real Estate Podcast.

It's a great talking point because more and more people are buying apartments simply because the entry point is lower, but that doesn't necessarily mean that it's going to cost less overall if the strata reporting is wrong, right?

Yeah, and there will always too be people that are, let's say, a little bit loose when it comes to dotting the I's and crossing the T's.

So perhaps with that in mind, why are strata reports needed in the first place?

You know, I'm sort of reminded of that saying, once I was blind, now I can see.

And some people might not know all of the ins and outs of what a strata report covers.

So perhaps let's step through that.

And I'm not sure if you can answer this or not, but what is more important, a strata report or a contract?

And just before I let you go, just a real quick one.

So important, isn't it, with the sinking fund?

Because I have a friend that bought into an apartment not realising that the sinking fund was so small and there was some upcoming maintenance.

So that's a real area of exposure to get burnt in.

Yeah, that is a ouch moment for sure.

Hey, thanks so much, Sam.

Look forward to catching up in a couple of weeks' time.