Owners Corporation Certificates

If you are purchasing a property that is part of an Owners Corporation the Vendor Statement will most likely include an Owners Corporation Certificate.

The Owners Corporation Certificate will include information regarding the Owners Corporation fees and insurance.

Also included with the Owners Corporation Certificate should be a copy of the Minutes of the most recent Owners Corporation Annual General Meeting.

These minutes might look dull, and you might even be told that they are “standard”, but it is important to review them thoroughly as potential issues might be disclosed in them which you will need to be aware of and which might even have an effect on your decision as to whether or not to purchase the property.

Some issues that might be disclosed could be, for example, whether there are constant noise complaints regarding a lot, whether there are disputes between lot owners and the Owners Corporation and whether there are expensive repairs to be undertaken resulting in a large repair bill for the lot owners.

If you are purchasing a property that is part of an Owners Corporation Coulter Legal is here to help with reviewing Contracts and Vendor Statement and providing pre-contractual advice to assist you with deciding whether (or not) to purchase a property.

Contact our Property & Development team today.