If you are intending to purchase Queensland Community Title real estate these risks and the extra costs associated with them need to be considered as part of your Conveyancing due diligence.
For Queensland Conveyancing, I generally recommend an additional special condition in Purchase contracts to allow say 14 days for an inspection of the Body Corporate Records which goes on to provide that if that the results of that inspection are not to your absolute satisfaction that you may terminate the contract and obtain a full refund of the deposit.
These costs are in addition to the budgeted administrative and sinking fund levies. For example:
- In Queensland at least, the possibility of a “contribution lot entitlement” adjustment application to seek to equalise these.
- Owners dragging their feet with payment of levies leading to frustration of maintenance or improvements and costly and time consuming body corporate debt recovery steps.
- Disputes within the Body Corporate over issues such as use of common property and pets resulting increases in levies.
- Does the Body Corporate have a Sinking Fund forecast and is it complying with it?
It makes good sense to speak with our Conveyancing Team before you sign a contract. Our Conveyancing Team deals with property right accross Queensland. We have offices in Brisbane and on the Gold Coast and so Brisbane Conveyancing and Gold Coast Conveyancing is particulalrly convienient if you want to come to our office. However, you do not need to come to our office and so whereever you are based, we can look after you.