According to the Body Corporate and Community Management Act 1997, the Seller of a lot in a community titles scheme must provide to a proposed buyer of that lot a Disclosure Statement which must contain accurate information relating to the body corporate.
The information contained in a Disclosure Statement as required by Section 206 of the BCCM Act includes (but is not limited to) the annual contributions required from an owner, the level of insurance cover on the complex, any improvements for which the owner is responsible, Body Corporate Assets and other information prescribed under the regulation module applying to the Scheme.
Along with the Disclosure Statement our firm can also include information pertaining to Section 223 of the BCCM Act. This will detail any implied warranties regarding latent or patent defects in the common property or body corporate assets and actual, contingent or expected liabilities of the body corporate that are not part of the body corporate’s normal operating expenses. A Seller has an obligation under the BCCM Act 1997 and the Contract for Sale to provide warranties about the Body Corporate and Scheme Land. Our firm conducts a thorough inspection of Body Corporate Records in order to provide either a Basic Disclosure Statement which only details information required by Section 206 OR a Full Disclosure Statement (recommended) which includes information pertaining to Section 223 and which will complete the Statutory Warranties and Contractual Rights section of the Contract as well.