The thing that would concern me is if there is not yet a body corp, how much will the BC fees be when it is bought, and also how much is your vote worth? (ie is a developer going to hook himself up with an apartment or two with 51% of the voting power?)
We almost bought an apartment a few months ago, whereby the owner said that half of the 8 apartments in the building were sold, but the body corp fees weren't yet set because there was not yet a body corp.
If it is true a bank wont settle without a body corp, this likely means the other apartments may have been sold, but not actually settled yet? (or the guy was lying?)