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ARTICLE · 20 JULY 2011

Important Changes to Body Corporate Disclosure

Thynne & Macartney
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Outlines changes to the Body Corporate and Community Management Act which affect vendors.

AustraliaReal Estate and Construction
Insolvency And Restructuring
Insolvency And Restructuring
Insolvency And Restructuring
Insolvency And Restructuring
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On 6 April 2011 important amendments were made to the Body Corporate and Community Management Act ("BCCMA"). These amendments came into effect on 14 April 2011 and require a Vendor (including a mortgagee exercising power of sale) to provide additional disclosure at the time of entering into a contract for the sale of existing and new lots in a community titles scheme.

What are the changes?

The changes to the BCCMA make a distinction between community titles schemes that contain 2 lots and those with more than 2 lots.

More than 2 lots:

The amendments that came into effect on 14 April 2011 require vendors to disclose the following additional details to purchasers before a purchaser enters into a contract of sale.

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