So we are currently selling our rental property of five years. Our agent held the first open home two weeks ago 19th of June and it’s good to hear there were some groups that showed interest. However my excitement ended when he broke the news that starting 20th of June all sellers of unit titles are required to provide a Form 18 Pre-Contract Disclosure Statement (PCDS). What it means is we have to hold our selling until we provide this form to our agent.
So what is it? It is a disclosure statement given to prospective buyers of the property in accordance with section 146(1) of the Unit Titles Act 2010. The following are required in this disclosure:
1. Explanation of
a. Certificate of title
b. Unit Plan
c. Easement
d. LIM
e. Body Corporate Rules
f. Weathertight Homes Resolution Service
g. Disclosures
2. Amount of Body Corp Contribution for the previous 12 months
3. Amount of Body Corp Contribution for the next 12 months
4. Body Corp developments in the next 12 months
5. Corporate bank accounts that the Body Corp holds.
6. Whether or not a claim has been made to the Weathertight Home Resolutions Services
Below is the form that my agent required us to fill up.
So we contacted a lawyer from Collins and May law office (which was referred to me by a friend) and so they agreed to help and contact our Body Corporate and prepare this for us. As this is a newly implemented act in New Zealand , the Body Corporate was hesitant to disclose some information and it is good we have a solicitor to explain everything to them. So it took them almost two weeks to provide this to us. We paid NZ$283 for the fee.
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