obtaining info on body corporate AFTER contract has been signed ?

Hi,

I am new here and would like to seek some advice.

I am in the process of buying a townhouse in QLD.

I read that i should be getting info on the body corporate such as the minutes of annual meeting, by laws etc to be sure abt the matters of the estate before signing the contract. However, the REA informed me that the common practice is for them to supply a disclosure statement and any other information is only obtained via the solicitor AFTER the contact has been signed. In addition, he said that if there's any issue, the cooling off period can be exercised to withdraw from the contract.

I would like to ask if this is indeed the practice in QLD or should i insist on the info before the contract is being signed. Also, is the info indeed has to go thru solicitor or can be obtained directly to the on site manager or the vendor.

thanks

TKC
 
Thats a good question, I myself wondered about it at an apartment we just bought. Seeing them beforehand would have been a good chance to double check your not buying into some major issues.

Wonder if they are considered private so they would not release them to non owners.
 
I always thought you should do your due diligence **before** you sign anything. I always write down the strata plan, or ask the agent to give me a copy of the contract. Then I get my solicitor to do all the necessary searches before I make an offer.

Don't you lose money after in the cooling off period? even if it's 1k, it's still money!
 
Bugger "cooling off" - you lose 0.25% (or whatever).

I'd either sign subject to the strata due diligence, or do it beforehand.
 
I always write down the strata plan, or ask the agent to give me a copy of the contract. Then I get my solicitor to do all the necessary searches before I make an offer.
That strategy, although valid, will not work in a booming market like we have been experiencing in Sydney & Newcastle. Someone else will have paid their 0.25% deposit and signed a contract subject to cooling off before you hear back from your solicitor.:eek:

I always thought you should do your due diligence **before** you sign anything.
The whole reason for the cooling off period being introduced was so that you could effectively take the property off the market for 5 working days. This allows you to conduct pest & building, strata and any other reports you want to do. If the reports highlight issues of concern then you can renegotiate the price or other T&Cs. Worst case scenario is you forfeit your 0.25% deposit. But the vendor needs to be mindful that the next purchaser will proably have the same response when they see the reports.

Don't you lose money after in the cooling off period? even if it's 1k, it's still money!
You can lose money by spending it on reports prior to signing anything and still not getting the property or you can lose money by exercising your cooling off rights.

I'd rather risk losing the $1K if I decided to rescind, than risk missing out on the property altogether in this market.;)
 
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