What is a community management statement?

The community management statement (CMS) is the foundational document of a body corporate scheme. It is lodged with the Titles Registry and is a public document. The CMS sets out: - The by-laws governing the use of lots and common property - The lot entitlements (contribution and interest) for each lot - Any exclusive use arrangements - The management module that applies to the scheme - Details of any layered schemes or shared facilities The CMS is amended whenever by-laws are changed or exclusive use arrangements are created or modified. Each amendment is a new lodgement — the current version is the most recently registered one. As a new owner, obtain a current copy from the Titles Registry or your solicitor before settlement. You will be bound by its contents from the day you become an owner. This article is general information only and not legal advice.