Body Corporate Record Search: Purchasing Property under a Body Corporate
Purchasing a lot under a body corporate? Community title scheme? Body Corporate Record Search? Don't understand what it means? Then this is the video for you.
In this video John Gallagher, solicitor from Argon Law provides the information you need when purchasing a lot through a community title scheme, and what a Body Corporate Record Search is.
A key part in investigations is to commission a body corporate record search. Which involves an experienced agent attending at the offices at the body corporate manager to review the records of the body corporate.
These include the minutes of the meetings of the body corporate and it's members.
The record includes all key contracts entered by the body corporate and expert reports commissioned by the body corporate.
A review of such documents can reveal problems within the body corporate, including disharmony amongst the members, or the existence of defects in the body corporate assets or structures.
These defects can result in increased levies, payable by the lot owners to the body corporate.
Some of the problems identified by a body corporate search don't actually give the buyer a rite to terminate an existing contract. It's important to get the report before your sign the contract.
View Youtube channel youtube.com/ArgonLawMaroochydore