Body Corporate

Selling Your Apartment/Unit? - Disclosure Statements Information

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Disclosure When Selling Your Apartment/Unit

Under the Unit Titles Act 2010, sellers are required to provide a lot more information to prospective buyers. The information contained in the disclosure statements is intended to help provide buyers with information that can assist in their purchase decision. The Act provides for three types of disclosure:

Pre-Contract Disclosure Statement

The seller must provide this statement at the time they enter into a listing agreement with an agent. The pre-contract disclosure statement contains general information about unit title ownership, as well as specific details such as the amount of the levy for the unit, upcoming maintenance to the development, funds held by the body corporate, and whether the unit or common property has had any weathertightness problems.

This statement is a standard format, the owner can prepare and provide this. If you are a client of Crockers Body Corporate Management, most of the information you require is available on Crockers Direct and there is a template available on the Tenancy Services website (www.tenancy.govt.nz). Crockers can prepare this statement for you, but there is a cost to do so ($280+GST).

However, if you choose Crockers Realty to sell your unit as a sole agency, Crockers Body Corporate clients will receive their Pre-Contract Disclosure Statement, FREE of charge.

Contact Mary Amodeo, AREINZ for a FREE property appraisal:
Phone 09 623 5654         Email mary@crockers.co.nz

Pre-Settlement Disclosure Statement

The seller must provide this statement after entering into an unconditional agreement for sale and purchase, by no later than the fifth working day before the settlement date. This statement is usually organised through your solicitor with its purpose being to give the buyer a summary of the current fees and charges relating to the unit, whether there are any proceedings pending against the body corporate and whether there have been any changes to the body corporate operational rules.

This comes in two parts, the statement and then a certificate. The statement must be signed by the owner and the certificate by the body corporate. Like the old Section 36 certificate, Crockers is being asked to prepare these and sign the certificate ($320+GST).

Additional Disclosure Statement

The seller provides this statement at the request of the buyer and the buyer must pay all reasonable costs associated with providing it to the seller. The purpose of the additional disclosure statement is to make body corporate records on maintenance, finances, insurance, contracting and governance accessible to potential buyers.

A buyer can request an additional disclosure statement at any time before the earlier of the close of:

  1. the fifth working day after the date the agreement for sale and purchase was entered; or
  2. the tenth working day before the settlement date.

If a buyer makes a request, the seller must provide the additional disclosure statement to the buyer within 5 working days of receiving the request.

Pre-Contract and Pre-Settlement Disclosure Statements are mandatory.

Contact Mary Amodeo, AREINZ for a FREE property appraisal:
Phone 09 623 5654         Email mary@crockers.co.nz


Crockers Realty Ltd is licensed under the Real Estate Agents Authority and is a member of the Real Estate Institute of New Zealand. Our Sales and Marketing Consultants are qualified and complete regular training and development workshops.

View here, REAA New Zealand Residential Property Agency Agreements Guide