Changes to the Body Corporate and Community Management Act 1997 (BCCMA) have simplified requirements for disclosure statements given to buyers of existing or proposed lots.
From 1 August 2013, disclosure statements no longer need to:
- state the extent to which annual contributions payable by the owner of the lot are based on contribution schedule entitlements or interest schedule entitlements; or
- include a copy of the Community Management Statement (CMS).
Other changes to the BCCMA include:
- if after the contract date but before settlement date a new CMS is recorded, the seller is no longer required to give the buyer a copy of a new CMS within 14 days; and
- the removal of the buyer’s right to terminate where the CMS attached to the contract is different to the most recent CMS provided to the buyer (given the removal of the seller’s obligation to provide a CMS before entering the contract and copies of any new CMS recorded after the contract is entered into).