It is recommended to use a Special Condition Body Corporate Records Search when purchasing a property that is part of a community titles scheme.
This search will reveal if there are any special levies or other issues relating to the property. A special levy is a burden on the property where the Body Corporate raises funds in addition to the normal BC Fees to pay for particular repairs or improvements.
An example of this may be a special levy to resurface common driveways or repair external balconies. If you purchase a property and this levy has been agreed to by the the body corporate committee you will become liable for this payment.
A good guide for Body Corporate issues and other advice relating to property transactions is the Queensland Government website. You can access more information here.
This clause should be used in conjunction with legal advice pertinent to your situation so if you have any questions regarding your particular circumstances you can contact us here.
Body Corporate Records Search
(a) This Contract is subject to the Buyer conducting an inspection of the Body Corporate Records and being satisfied with the results of their inspection in their complete discretion.
(b) The Buyer must give notice that this Condition is satisfied or that they waive the benefit of this Condition by 5PM ____ days from the Contract Date (Due Date). If the Buyer is not satisfied with their inspection, they may by written notice to the Seller or their solicitor terminate this contract and any Deposit paid will be refunded in full to the Buyer.
(c) If the Buyer fails to give notice that this condition is satisfied by the Due Date, the Seller may by written notice to the Buyer or their solicitor terminate this contract and any Deposit paid will be refunded in full to the Buyer.
(d) If the Buyer fails to give notice that this condition is satisfied by the Due Date, the Buyer has the continuing right to satisfy or waive the benefit of this condition at any time prior to the Seller giving notice of termination.