The new Body Corporate and Community Management and Other Legislation Amendment Act 2010 (Qld) (BCCM) was given Royal Assent on 14 April 2011.
This legislation changes the way body corporate fees are proportioned between lot owners and can be amended.
New disclosure obligations for sellers
Sellers will now need to provide additional disclosure when entering into a contract for the sale of both existing and proposed community titled properties to which the BCCM applies.
Failure to provide this additional disclosure before the buyer signs the contract, may give the buyer a right to terminate the contract at any time prior to settlement.
For an existing lot, a copy of the Community Management Statement (CMS) must now be given with the disclosure statement before the buyer signs the contract.
Contracts already given to a buyer but not yet signed by both parties
When a contract for a community titled lot is given to a proposed buyer but has not been signed by both parties, before the buyer signs the contract the seller must provide the buyer with:
- a new disclosure statement incorporating the four new statements (listed above) and a copy of the CMS; or
- if a disclosure statement has already been provided to the buyer, a written notice that includes the four new statements and a copy of the CMS.
For more information on the new body corporate law please contact a solicitor from Affinity Lawyers.