PURCHASER’S COMPREHENSIVE SEARCH
We recommend that anybody that is contemplating purchasing into a Body Corproate Scheme, request that we do a full search of the Body Corporate records and provide a detailed report which will include copies of all Reports, Agreements, correspondence and Minutes of Meetings.
This Report will give a Purchaser a very clear picture of the Scheme that they wish to be part of so that they can feel confident with their purchase. Better to be made aware of any issues before settlement and be given the opportunity to proceed (or not) to settlement. Our fees for this service is $242.00 for a digital report sent via Dropbox. Additional fees will apply if a hard copy of the Report is required.
Additional fees could also be incurred if the records are held digitally within a Body Corporate Office. Some Body Corporate Mangement Offices are now insisting that all documents and minutes that we require for the Report have to be printed at a cost of $0.72 per page. This additional charge to us would be passed onto you in these instances. We would recommend that you ring us to determine whether the Body Corporate Managers for your specific enquiry operate under this Policy. When searching within these offices, we make every effort to minimise the printing charges.
ANY OTHER BODY CORPORATE INFORMATION REQUIRED – ?
Please feel free to request what you need and we will endeavor to accommodate you.
As Specialists in Body Corporate matters, we attend at the offices of the Body Corporate Management and inspect all records pertinent to the lot and complete a detailed Disclosure Statement as required by the recently amended regulations.
We go that one step further and provide additional information to assist in the preparation of a Contract of Sale i.e Insurance particulars and Pool Safety Certificate (if applicable) and the attitude of the Body Corporate in relation to pets.
Although the regulations changed in that the CMS is no longer required to be produced to prospective Purchasers, we consider that this is a very important and relevant document as it not only contains the By-laws of the Body Corporate, it also contains information of Car parks, storage areas and Courtyard areas are also allotted to a particular unit by way of an Exclusive Use. For this reason, we recommend that you order the CMS document to assist your Agent in identifying what, if any exclusive use areas are allocated to your unit.
VENDOR’S IMPLIED WARRANTY STATEMENT
The Vendor’s Implied Warranty Statement together with the Disclosure Statement covers all items contained in Clause 7.4 of the Contract. These include details of any latent or patent defects in the Common property or Body Corporate Assets, any actual contingent or expected liabilities of the Body Corporate that are not part of the Body Corporate’s normal operating expenses and any circumstances in relation to the affairs of the Body Corporate that is likely to materially prejudice the Buyer. We also reveal any current or proposed Special Levies, details of any work orders, notices or applications issued by the Local Government or State Authorities; any unregistered lease, easement or other right capable of registration affecting the common property or the Body Corporate Assets.
Be aware that if this information is not completed correctly in the Contract then a Buyer may terminate the Contract.