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Changes to Body Corporate Disclosure Statements - May 2011

Before a buyer signs a contract they must be given a disclosure statement setting out the details of the body corporate.

One of the changes made to the Body Corporate and Community Titles Act on 15 April 2011 is that a copy of the community management statement ( “CMS” ) is to be attached to the disclosure statement.

The CMS sets out various information including the bylaws. This means that buyers will see the bylaws before they sign a contract. This is important as the bylaws often prevent animals being kept by owners.

Another change is that duplexes are now allowed to have unit owner agreements saying how the body corporate is to be run. For example there will be no levies and the insurance will be split between the owners.

The agreement will mean the owners will no longer need to have annual general meetings. This change simply legitimises what had often been happening anyway.

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