By recent amendments to the Body Corporate and Community Management Act
1997 information required to be given by a Seller to a Buyer pursuant to
Section 206 has been amended such that the requirement to disclose a copy of
the Community Management Statement (commonly referred to as a CMS) on the sale
of an existing lot has now been removed. It is no longer a requirement that a copy
of the current CMS be attached to the Contract.
The writer is somewhat curious as to
why this amendment has been made. The purpose of the original provision for the
inclusion of a CMS in the Contract was for disclosure purposes to the Buyer
(i.e. taking a consumer protection type approach)
Despite this change, it is strongly
recommended that apart from the usual enquires from the Body Corporate, a copy
of the CMS will need to be obtained and considered by any Buyers of community
titled property. This responsibility for obtaining this CMS has now reverted
back to the Buyer or the Buyer’s legal representative rather than that
obligation being on the real estate agent (or other person complying the
contract) to attach at the time the Contract is prepared.
No comments:
Post a Comment