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Tip 26 – Buying – Body Corporate approval – Laying it all on the table …

Most management rights agreements require buyers to give the body corporate a statement of assets and liabilities. The body corporate is entitled to check the buyers “financial standing” before approving the transfer of the management rights.  To maintain privacy a buyer can offer to provide hard copies at the interview with the committee, provided the buyer gets all of the copies back at the end of the meeting.  This way the statement does not end up on the body corporate records.  Reasonable committees will accept this proposal … watch out for the ones that don’t.