What is a body corporate disclosure statement?

Under Queensland property law, a seller of a lot in a community titles scheme must provide the buyer with a body corporate information certificate (commonly called a disclosure statement) before the contract is signed. The disclosure statement must include: - Current levy amounts - Any special levies that have been approved - The financial position of the administrative and sinking funds - Any known defects or material facts about the scheme - Details of any current legal proceedings involving the body corporate If the disclosure statement is inaccurate and the buyer suffers loss as a result, the buyer may have a right to claim compensation or rescind the contract, depending on the nature and significance of the inaccuracy. Always have your solicitor review the disclosure statement carefully before you sign the contract. This article is general information only and not legal advice.