BODY CORPORATE SERVICES PTY LTD
 | Legal Requirements |
| | Obtaining the right Documents |
Contact Details
Telephone 8531 8100
Facsimile 8531 8190
Email vbcs@vbcs.com.au
Postal Address
Locked Bag 1291
Port Melbourne 3207
Office Location
64 Fennell Street
Port Melbourne 3207
Melway Reference: 43 C11
GPS Coordinates: S 37° 49.590' E 144° 56.442'
Office Hours
9am to 5pm
Mon - Fri
After Hours Emergency
Telephone: 9883 6428
Only to be used
| by clients of Victoria Body Corporate Services for |
| after hours emergencies relating to the Owners Corporation common property. |
| There is free parking after 5 pm in the Care Car Park opposite the office. |
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| Managers of Owners Corporation, Stratum Units & Company Share Flats |
It is a requirement in Victoria that contracts for the sale of land be in writing and that particular forms of contract are used. The governing legislation is the Sale of Land Act 1962.
An important aspect of any contract of sale of land is the Vendors Statements also known as a Section 32, so-called because requirements are set out in section 32 of the Act. Real estate agents often mistakenly refer to the vendors statement as a roadworthy for the property. This is not correct as a roadworthy certificate for a car sets out that the vehicle has complied with certain requirements whereas a Vendors Statement only discloses information regarding the property and is not a certificate of compliance.
By disclosing information about a property, a prospective purchaser is able to make an informed decision as to their intention to purchase and an appropriate price.
The Vendors Statement requires details of mortgages, planning restrictions, rates and charges, services such as water and electricity relevant to the property amongst other things. It is a requirement that the vendor provide to the purchaser a copy of the statement prior to signing the contract and also that the statement is included in the contract of sale.
An owners corporation provides this information in an owners corporation certificate. In addition to the above matters, the owners corporation certificate will also set out details of insurance taken out by the owners corporation, any leases or licences granted by the owners corporation to common property, whether the owners corporation has adopted additional rules, details of any litigation, contingent liabilities and if a manager has been appointed.
For a stratum unit the obligations and responsibilities of the service company and a member are set out in a document known as a service agreement. This agreement may be registered on the title of the property and a copy may be obtained from the Land Registry. If the agreement has not been registered on the title of the property, the current owner should have received a copy upon purchase of the unit and would provide this to the purchaser upon sale.
For a company share flat, the rights and obligations of a member are usually set out in the company's constitution. In addition, some company share properties have a separate service agreement which the purchaser is required to enter into upon settlement of the property.
If you are selling your property, your solicitor or conveyancer is able to provide you with detailed information regarding the Vendors Statement and also the requirements to be included where there is an owners corporation. It is important that the information is accurate as the vendor of the property is liable for any mistake, even if is not intentional.