selling with a body corp. fees?

[XridProp]

Hi all

I am about settle a property with a body corporate which ive sold.

Body corp has sent me a bill for $430 for providing an insurance cert for buyer and change of ownership in their system.

Is this reasonable?

I think its bs but want some others thoughts before I go commando on them

[eri]

i recently got a insurance cert from a bc as part of a mortgage application

no mentions of any charge was made

sounds like bs to me

why not call round the big bc companies and ask them if they charge for "change of ownership"

and if most don't go back to this bc and ask why they charge so much

[XridProp]

to complicate things this is a cross lease, not unit title

[eri]

these are very normal occurrences for a large BC running a complex with a lot of owners

they have full time staff who's job it is to do things just like this

however

if you working with a very small BC with only 5? members

i could understand that they may need to contract this legal work out......

you'll get better info from them than me

[XridProp]

They have offered a 20% discount, so $344

[BigRedDog]

yup got slugged $299 for insurance cert the other week so it does happen.

Change of ownership... haven't ran into that one.

[XridProp]

yup got slugged $299 for insurance cert the other week so it does happen.

Change of ownership... haven't ran into that one.

Was your property unit title or cross lease?

[BigRedDog]

Actually I read your post again...
I was the buyer... not seller.

Please forgive me for reading too quickly.

NEVER heard of an insurance certificate fee being charged to the seller.
Some banks wants proof of insurance etc before lending money so it is common for buyers to ask the BC for some docs which they get charged for.
As for sellers - doesn't sound right to me. I call BS!!

My property was unit title.

[AMR]

As seller - sounds ok as there are two certificates (section 36 from memory?) that you'll need to provide the buyer with under the unit titles act?

[XridProp]

My property is a cross lease with a body corporate, not a unit title

[AMR]

It is outrageously expensive if it's just provision of insurance cert. They should have a copy on hand and it would take less than 5 minutes to send through?

[BigDreamer]

My property is a cross lease with a body corporate, not a unit title

Hmm there is no such thing as a cross lease with body Corp whole not a unit title!

The property you sold must have been a unit title.

[AMR]

Yes there are cases for crosslease, but it's not done under the UTA, more of a voluntary thing the owners in the past have decided to set up. I had one crosslease where the previous owners had set up their own management company to look after the block and the only way to get them out was a large majority. Of course nothing got done at the block.

[XridProp]

Lawyer got them down to $200, still think its BS but easy to pay and move on i think, thanks for all your help

[Ivan McIntosh]

AMR has it right. There's no law covering them so they can effectively charge what they want, because you need the information and there is nothing making them give it to you, unless they have some sort of constitution governing their conduct. I would imagine they charged $430 because that is what many of the Body Corp secretary companies charge, and they saw themselves as similar.

Must be quite a big crosslease to have an actual organisation doing the admin.