Friday, November 27, 2020

Inspection and Retention of Records

Inspection and Retention of records

Inspection of records

An owner or mortgagee (or their authorised person) can make a written request to the owners corporation to inspect the records. The request must be accompanied by the prescribed fee (currently $31 for the first hour of work).

The inspection is to take place as agreed by both parties. If no agreement can be reached within 3 days after the owners corporation receives the application, the owners corporation may stipulate the time and date by giving written notice. The inspection date cannot be later than 10 days from the date the owners corporation receives the notification.

Documents can be inspected in person or through electronic access to the documents or any other means agreed. A person may make copies of documents but must not, without the consent of the owners corporation, remove the document from the custody of the owners corporation.

Retention of records

The owners corporation must keep the following information for at least 7 years:

  • strata roll
  • information about the common property and strata scheme including insurance, the original owner of the scheme, any strata manager appointed and by-laws
  • notice and minutes of meetings of the owners corporation and strata committee
  • financial statements and accounting records
  • proxies delivered to the owners corporation
  • voting papers related to motions for resolution and election of officers of a strata renewal committee
  • signed managing agent or building manager agreements and records provided to them
  • details of motions passed.

© State of New South Wales (NSW Fair Trading). For current information go to fairtrading.gov.au

Strataville Editorial
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