If you own an apartment or a unit in a small body corporate and you wish to sell, you can only do so if your body corporate complies with the Unit Titles Act 2010 (“UTA”) and you provide disclosure statements to the purchaser.
To comply with the UTA the first annual general meeting (“AGM”) of the body corporate (which should have been held on or before 20 December 2011) should have dealt with the following matters:
Another important issue which the body corporate will need to decide upon is in respect of insurance of the development. Generally, the body corporate must insure all buildings and other improvements on the land. If your development consists of stand-alone units, the body corporate may by special resolution require each unit owner to insure their own unit and improvements within the unit. The body corporate will remain responsible for insuring any improvements on the common property.
When selling an apartment or a unit in a unit title development, a vendor is now required to provide the following disclosure statements to a purchaser:
Failure to provide these disclosure statements or the insurance certificates to a purchaser could lead to settlement being postponed or the agreement being cancelled so it is important that these disclosure statements are correctly completed, certified by the body corporate, and provided to the purchaser within the requisite timeframes.
For more information about compliance with the UTA and disclosure statements please contact one of our property lawyers to discuss.
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