Body Corporate Disclosure – What Agents Must Ensure Is Provided

In Queensland, a Body Corporate Disclosure Statement is a mandatory document that must be provided by a seller to a buyer when selling a lot in a community titles scheme (e.g., an apartment, townhouse, or unit within a strata scheme). It is governed by the Body Corporate and Community Management Act 1997 (BCCM Act).

Director of GM Law, Gerard Pagliaro shares his thoughts on this matter:

1. What Is the Body Corporate Disclosure Statement?

It is a prescribed form (Form 14) that includes key information about:

The lot being sold, including: Entitlement and contribution schedule lot entitlements; Whether there are exclusive use areas (e.g., car parks, courtyards)
Body corporate levies: The amount of contributions payable by the owner for the current financial year; Special levies (if any); Details of any unpaid levies
Body corporate records: Whether a body corporate manager is appointed; Insurance details; Any proceedings involving the body corporate (e.g., disputes).

Legal Requirements

Must be given to the buyer before signing the contract.
If it is not provided or is incorrect, the buyer may have the right to terminate the contract under section 206 of the BCCM Act before settlement.
The statement must be current as at the date the contract is entered into.

Where to Get It

The seller (or their agent/lawyer) typically obtains the information from:

The body corporate manager
Recent meeting minutes
Financial statements and levy notices

Common Issues (which may lead to a right to terminate)

Outdated information
Failure to disclose known legal actions or special levies
Wrong levy amounts

2. How does the information gathering process work and how much does a disclosure statement usually cost?

Preparing the Form 14 from these documents usually costs $150–$500 plus GST through search agents. Turn-around in SE-Qld is 24-48 hours; remote schemes can take a week.

In the case of GM Law, our solicitors take on this function. Body Corporate Information, Certificate & Insurance, and Certificate (Estimate only) will cost $280.

3. Can an agent sign a disclosure statement for their client?

Yes, but only if the agent holds written authority to do so. Without that authority the signature is invalid, and this may give the buyer termination rights.

We service the entire Brisbane metropolitan area

If you need help to get a contract sorted so you can secure a property for your client, we have set up the GM Law agent hotline.

You can email us at AgentSupport@gmlaw.com.au to get urgent personalized support.

We service the entire Brisbane metropolitan area

If you need help to get a contract sorted so you can secure a property for your client, we have set up the GM Law agent hotline.

You can email us at AgentSupport@gmlaw.com.au to get urgent personalized support.

Don't forget we offer the following:

1. What Is the Body Corporate Disclosure Statement?

2. How does the information gathering process work and how much does a disclosure statement usually cost?

3. Can an agent sign a disclosure statement for their client?

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