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Disclosure Obligations Prior to Settlement

If you own a unit or apartment or town house or even a freestanding house that is attached to a body corporate and you decide to sell the property, you should be aware that you have a number of disclosure obligations both before and after the contract has been entered into. For example, if there are any defects in the common property or the property you are selling, you will need to disclose these to a buyer in the contract. Otherwise the buyer may have a right to terminate the contact. Even after the contract is signed, you have certain disclosure obligations before settlement (assuming you enter into a standard Queensland contract).

 

 

FOR EXAMPLE:  You need to provide the buyer with copies of any notice received after the contract date of a proposed meeting of the body corporate and any special levies passed. The buyer may then have a right to terminate the contract if they are materially prejudiced by any resolution passed after the date of the contract.  If you fail to make the disclosure and the buyer settles then they will possess an ongoing right to sue you for damages after settlement.

 

 

We will swiftly answer all of your queries regarding disclosure obligations prior to settlement (& more). Simply contact our professional team today on ☎️  07 3844 0188 or 📧  law@gmlaw.com.au because your matters, matter to us!

 

♦ For your convenience, our office will remain open over the Christmas period and will only close on the public holidays. NB: Settlements cannot be scheduled between Christmas and New Year because of provisions in standard contracts deeming the days between Christmas and New Year to be public holidays. There are also logistical issues in attempting to arrange settlements to occur during this period