Q. What if I use an out of date Disclosure Statement?
A. Solicitors for buyers nearly always have a check search report done. If your Disclosure Statement details are different from the up to date figures, you may very well lose the sale because the contract can be voided. Then the vendor has legal remedies against you if a sale falls through because of this.
Q. Can I use a disclosure statement for the same units but a different Lot number?
A. No
Q. Why Not?
A. Each disclosure statement is unique to its lot.
- Lot Contribution Entitlements and/or Lot Interest Entitlements (shares) may be different, making levies different.
- There may be physical problems with a particular unit, (Defects patent or latent).
- You would also be breaching copyright laws: Copyright of the Disclosure Statement is the property of Cairns Search Agents and the lot owner. The Disclosure Statement may only be used with written permission from Cairns Search Agents and the lot owner.
- And most importantly, you would be taking food out of the mouths of my starving children.
Q. How Long Is a Disclosure Statement Current?
A. Some lawyers are of the opinion that a disclosure statement is only good for the day it is produced, not unlike a Certificate Of Currency for Insurance, but for practical purposes the Disclosure Statement should be updated after a maximum elapsed time of six (6) weeks, or until the next Annual General Meeting, or until the insurance is renewed, whichever time comes first. (Think of it in terms of a Roadworthy Certificate)
Q. Why?
A. Any changes or variations in the original Disclosure Statement viod its use and a new Disclosure Statement is required, such as:
- An Extraordinary General Meeting may be convened with six weeks notice to change any of the details.
- Annual General Meetings nearly always change the levy details at a minimum.
- Insurance changes reflect the overall value of the complex and the details of the insurance may change
Q How Come? And does this mean that we (the Agency) must pay for a new Disclosure Statement every six weeks until the unit is sold?
A. Not necessarily.
Cairns Search Agents offer loyal customers an updating service. An exclusive service for exclusive customers. Take advantage of our Disclosure Statement renewal service (Only available to Clients who use our services Exclusively POA)
- Please Note: UPDATING DISCLOSURE STATEMENTS (this service not available to Owner/Vendors)
- Q. Is there a time limit for this service? A. Yes. Up to 6 months from the initial search.
- Q. What other criteria are needed for this service to be available? A. The update request must be from the original Agency (non transferable).
- Q. What do you do when updating a Disclosure Statement? A. Complete a physical search of the Body Corporate Records and supply a new Disclosure Statement.
- Q. Is the statutory FEE required? A. Yes. We are required to pay the Statutory Fee each time we view the records.
- Q. Will the Urgency Surcharge apply? A. Yes. If applicable.
The Act implies certain warranties in all contracts for sale of community title lots, the breach of which may give rise to cancellation of the contract and/or a claim for damages, a Disclosure Statement is not sufficient to protect against the risk of such breach and a Seller should provide or obtain additional information for disclosure in the contract for that purpose.
We do include some additional information regarding the body corporate which you may find useful. Please note this additional information does not form part of the Disclosure Statement.
