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Request a Disclosure Statement
Disclosure Statements available
Seller’s Obligation: Under the Body Corporate and Community Management Act 1997 (BCCM Act 1997), the seller of a lot in a community titles scheme is required to provide a Disclosure Statement to a prospective buyer. This statement must contain accurate information related to the body corporate.
Basic Disclosure Statement (Section 206): This includes:
- Annual Contributions: Required payments from owners.
- Insurance Cover: Level of insurance on the complex.
- Owner Responsibilities: Any improvements or maintenance the owner is responsible for.
- Body Corporate Assets: Overview of assets held by the body corporate.
- Other Prescribed Information: As specified by the relevant regulation module for the scheme.
Full Disclosure Statement (Recommended): In addition to the information in Section 206, the Full Disclosure Statement also includes details from Section 223:
- Implied Warranties: Covers latent (hidden) or patent (obvious) defects in common property or body corporate assets.
- Liabilities: Actual, contingent, or expected liabilities of the body corporate not part of regular operating expenses.
The Full Disclosure Statement ensures that all statutory warranties and contractual rights are fully addressed, providing a more complete picture of the body corporateās obligations and the condition of the scheme land.