Buying a unit on the Redcliffe Peninsula: what to check before you sign

Read the disclosure statement first

The seller has to give you a body corporate disclosure statement before you sign. It shows the levies, the lot entitlement, any improvements on common property you'll be responsible for, and the body corporate's contact details. If it's missing or wrong, you may have a right to end the contract, but only within set time limits.

Then search the body corporate records

The disclosure statement is only a summary. A full records search looks at the minutes, financial statements and correspondence. It's where the real problems show up:

• A low sinking fund compared with the building's age and size
• Special levies already raised or being discussed
• Concrete repairs, waterproofing, balcony or lift problems
• Disputes between owners or with the body corporate manager
• By-laws about pets, short-term letting or renovations
• Insurance claims and whether the building is properly insured

Older waterfront buildings

Many blocks along the Redcliffe, Margate and Scarborough foreshores are decades old and exposed to salt air. Concrete and balcony repairs can be expensive and are shared between owners. Ask whether there's a recent engineer's or building report, and read what the committee has said about it in the minutes.

Make the contract work for you

Put in a condition that the contract depends on a satisfactory body corporate search and building and pest inspection, with enough time to actually do them. Your five-business-day cooling-off period is short, so order the search as soon as you sign.

Buying a unit in Redcliffe: common questions