If you are selling an apartment, townhouse or unit, the chances are that your property’s status is Unit Title.  What is a Unit Title?

Unit titles were created (under the Unit Titles Act 1972) to allow people to own an apartment in a building and to allow for multiple ownership of the common spaces and facilities, such as driveways and lifts. – (Consumerbuild)
The introduction of the new Unit Titles Act 2010 is applied to all Unit Titled properties listed for sale after 20 June 2011.  If you are an owner of a Unit Title property and you wish to sell, you will need to fill out a form before you are able to place your property up for sale. This is the first part of a three stage process that must be completed before a sale can be achieved. The real estate salesperson is required to ensure the Vendor has fully completed the form before the property is listed for sale.  The second and third stage of disclosure is arranged between the vendors and purchasers solicitors.

The three levels of disclosure are as follows:
1. Mandatory – Agency Agreement. A seller (vendor) is required to provide a Form 18 Pre-Contract Disclosure Statement (PCDS). This must be provided prior to a customer entering into a contract. An acknowledgement of receipt of the disclosure statement (PCDS) is required from the customer.
The following is required in this disclosure:
a. An explanation of

  • Certificate of Title,
  • Unit Plan,
  • An Easement
  • LIM
  • Body Corporate Rules
  • Weathertight Homes
  • Resolution Service;Disclosures

b. The $ amount of Body Corp Contribution for the previous 12 months
c. The $ amount of Body Corp Contribution for the next 12 months
d. Body Corp developments in the next 12 months
e. The Corporate Bank Accounts that the Body Corp holds.
f.  Whether or not a claim has been made to the Weathertight Homes Resolution Services.

2. Pre Settlement Disclosure. The purchaser can request additional information up to 5 days before settlement.  This disclosure will require the vendor to provide more/additional financial information

3. Additional Disclosure.  Further additional information that the purchaser may require.

 

Download the Barfoot & Thompson Vendor Disclosure Form