body corp

[messmate]

we are looking at buying a townhouse in SE Qld. We wish to look into the workings of the body corp in this complex of 52 residences such as past performance and any issues that have been difficult to resolve, whether current owners are saitisfied /dissatisfied.

The property is RIverview Tearraces, Upper Coomera , gold coast Qld.

If anyone has info, owns there, rents there, or knows of the property we would be grateful.

How else could we find out about the body corp in this complex?

ps the fees are $70 pw or $3640 p year (pool in complex)
Thanks

 

[ani]

Have you asked for a copy of the contract?

This will include Body Corp details such as the financials.

 

[messmate]

have not got to that stage yet but will. have 3 wks to do due diligance etc
thanks

 

[Spectre]

messmate

Pretty sure ou can ask the agent to provide it to you if they dont then get the body corp managers number and they might (for a fee maybe)

But the agent has to provide it to you under their disclosures.

 

[arriety]

check out if there is a separate sinking fund or maintenance fund as this can be costly. You need to get hold of minutes from past 2 years to ensure there are no major renovations going to occur - eg pool resurfacing or new roof. You aren't entitle to alot of info from the body corp until you are the owner but if the vendor really wants to sell,they'll make sure their agent gives you all the info you need (unless they are hiding something!). I'm in a complex where we have to spend $80K on roof repairs...even though its an existing problem the payments (which haven't started yet) for it will rest with new owners not old one.

Oh yes, in QLd I believe your conveyancer will be able to do a search for info but charge a fee.

 

[marg4000]

Before you sign the contract, you have the upper hand.

Just ask the agent to get the details you require. The managing agent should have copies of all minutes, you may have to pay a photocopy fee, or arrange to go to the complex and read the minutes.

Once you sign, then there are time limits and sometimes it is impossible to get this information quickly.

We sold a unit in Qld last year, and I have just looked up the disclosure statement we had to provide. It was fairly basic and covered only a few financial details.

It stated:
Sinking fund value
Details of the insurancess on the building
Details of our payment of body corp and sinking fund fees for the previous 18 months, including the fact that there was nothing outstanding.

I reckon a good idea would be to go to the complex and see if you can talk to a few residents, they will fill you in fairly quickly. When hubby's parents were buying a unit in a retirement village, I wandered off and chatted to a resident and found out more about the complex in 10-15 minutes than all the information we had previously discovered. Fortunately I had the good luck to pick on the complex treasurer!!
Marg

 

[Raddles]

Hi there
if we are buying a unit - we make it subject to a satisfactory body corporate search.
We actually prefer to do the search ourselves. A relatively small fee is paid and you get all the information from the disclosure statement plus you can review all the minutes of meetings, all the sinking fund details - particularly any quantity surveyors report - which highlights the timetable for major replacements. You can also get a feel for whether the complex is likely to be a problem - with tenants etc.
One of the more recent searches we undertook - highlighted that there had been drug users going into the basement car park - destroying cars and doing other damage. There had also been problems with water in that basement carpark. There was information that suggested the body corporate was not working together to make the property a better place (it was a security building and the body corporate could not agree to install an intercom) - so there were other reasons we didn't go ahead with the purchase - but these were just additional items highlighted by looking at the records.
thanks