What is a pre-purchase body corporate search?

A pre-purchase body corporate search is a report compiled by a specialist search agent before you buy a lot. It is one of the most important due diligence steps when buying into a strata scheme. A comprehensive search typically includes: - Current and historical levy amounts - Balance of the administrative and sinking funds - Outstanding levies on the specific lot - The 10-year sinking fund forecast - Recent AGM and committee meeting minutes - Insurance details and policy number - Any current or proposed special levies - Any known disputes or legal proceedings - Details of any orders or notices affecting the scheme The cost is usually a few hundred dollars. It is money well spent — identifying a poorly managed scheme, a depleted sinking fund, or an undisclosed upcoming special levy before you are legally committed can save you tens of thousands. This article is general information only and not legal advice.