Anne and Kevin own an apartment in the central city.  When they first purchased it they were sent the title and body corporate rules by their lawyer, but had not really looked at them since.  Under new laws set to come into force in the next few months, when they sell the apartment they will need to disclose a whole list of documents to prospective purchasers before purchasers even sign a contract to buy it. 

Before someone signs a contract to buy an apartment those selling will need to give that person (subject to the regulations being finalised) documents like:

  • The Certificate of Title
  • The Unit plan of the whole complex
  • Body corporate rules
  • A LIM report
  • Disclosure relating to other matters including leaky homes claims and body corporate affairs.

Before the settlement date more documents such as details of levies for the apartment, insurance details and contracts the body corporate has entered into need to be disclosed to the purchaser.  The purchaser can also request further information if they want to.

Those who are thinking about selling their apartment from the next few months onwards will need to make sure they think about getting access to those documents or making sure their body corporate committee has processes in place to get those documents ready, otherwise purchasers may pull out of the sale!