In brief - New form must be used with all new contracts for sale of lots in community title schemes in Queensland
A new version (version 11) of the Body Corporate and Community Management Act 1997 Form 14 (Information Sheet) was released on 1 August 2013. The new BCCM Form 14 (Information Sheet) must be used with all new contracts for the sale of lots in community title schemes in Queensland.
Why is the BCCM Form 14 (Information Sheet) important?
The Information Sheet is designed to make buyers of lots in community title schemes aware of the obligations often attached to ownership of strata titled properties, before buyers enter into contracts.
Version 11 of Form 14 (Information Sheet) must be attached to the proposed contract and signed by the buyer before the buyer enters into the contract. This applies to both registered lots and unregistered off-the-plan acquisitions.
Practical steps to ensure your contract is compliant
Sellers must ensure that they comply with the following steps.
• Contracts bearing the previous version of the Information Sheet (version 10) already in circulation need to have been signed by both the buyer and the seller on or before 31 July 2013. After 1 August 2013, sellers must not sign any contracts bearing the previous version.
• Contracts bearing the previous version of the Information Sheet which have not yet been signed by both the buyer and the seller need to be recalled prior to signing and the current version of the Information Sheet attached.
• The current version of the Information Sheet (with the buyer's details inserted on page 2, including the buyer’s name, telephone number, postal address and email address) needs to be attached to all new contracts.
Non-compliance may result in the termination of your contract
If the Form 14 (Information Sheet) attached to the contract is not the current version or has not been signed by the buyer before the buyer enters into the contract, the buyer may have the right to terminate the contract.
This article has been published by Colin Biggers & Paisley for information and education purposes only and is a general summary of the topic(s) presented. This article is not specific legal or financial advice. Please seek your own legal or financial advice for any questions you may have. All information contained in this article is subject to change. Colin Biggers & Paisley cannot be held responsible for any liability whatsoever, or for any loss howsoever arising from any reliance upon the contents of this article.