Can I check the Body Corporate's records before I buy a Home Unit?
Of course, but only after the Contract is signed and provided that you have a Special Condition to that effect. There is a fee payable.
What is a Body Corporate?
This is the legal entity that manages the affairs of the community of lot proprietors.
How does a Body Corporate work?
Its just like a club really, with Annual General Meetings where all of the members vote on community matters, and a Management Committee that has limited powers to act in the best interest of all members. Decisions have to be made on levies to meet expenses, collect and bank those levies, pay those bills, effect repairs, etc etc
Is the garage part of the home unit, or what?
Sometimes yes, and sometimes no. When not included in the title to the lot, the By Laws usually provide for exclusive use by lot proprietors to specific spaces for car parking.
How can I protect myself against unexpected expenses when I buy a Home Unit?
Include a Special Condition in the Contract that your offer is conditional upon your checking the Body Corporate's records, with a right to terminate should you not be satisfied with what you see.
Why should I insure when the Body Corporate insures the building and I contribute to the premium for that in the levies I will pay?
The Body Corporate's insurance will not cover damages that you cause or suffer to the internal surfaces of the unit. You should check with your insurance agent about insurances.
Can I buy a home unit “from the plan”?
Yes, but there are stringent legal requirements to be observed by the Developer. Prior to entering into the Contract, you will be given:-
- A Disclosure Statement, generally outlining the development, how it will be administered, the anticipated Management and Service Contracts, and the documents you will be required to be given and to sign should you go forward;
- A Developer Project Disclosure Statement, generally outlining the opportunity to let the unit through an on-site Letting Agent, which arrangement is usually known as a “Management Rights Scheme”;
- An Operator Product Disclosure Statement, generally outlining pertinent information about the Management Rights Scheme;
- Then comes the Selling Agents Disclosure as mentioned earlier in these FAQs;
- And lastly you will be offered the Sale Contract.