Should I Order A Full Or Short Body Corporate Records Search?

MyBodyCorpReport.com.au offers two types of pre-purchase body corporate records search; a short form purchaser search and full purchaser search.

But which one is right for you?

The two reports are designed to meet differing needs.

Short Form Body Corporate Records Search

As a search agent I have no idea what issues are going to be of relevance to which purchasers. For instance a potential $1,000 special levy would be of great importance to me, but for others, not so much.

A short form body corporate records search is a targeted report that copies the documents the purchaser wants to see, which the purchaser then reads and determine for themselves what information is relevant.

A standard short form body corporate records search will include the report and:

• a copy of the levy statement and last financial statements
• a copy of the Certificate of Currency (if available) and if not insurance renewal
• the last two years minutes both committee and general
• a copy of the Sinking Fund Forecast
• any correspondence that is not summarised in minutes (if available)
• a copy of any building defect reports
• any other relevant documents such as adjudicators orders

This is the standard documentation taken with any short form purchaser searches however the report can be fully customized to suit preferences.

A short form body corporate records search is ideal for someone who is already very knowledgeable about body corporates.

To view prices and a sample report click here.

To order a short form body corporate records search click here.

Full Body Corporate Records Search

A full body corporate records search is a more comprehensive search that relies on the search agent to review the documentation and write a full description in the report.

The report has two distinct parts that captures resolutions of the body corporate.

Building Defects  lists those items that are currently being dealt with.

Historical Decisions builds a summary of those decisions in the last seven years that have been taken by the body corporate. It will detail building defects that have arise and been overcome, disputes and their resolutions, major expenditure and renovations that have been undertaken.

The two sections give a clear outline of the issues that have arisen and are either still to be dealt with or have been dealt with by the body corporate.

A full body corporate records search will include the report and:

• a copy of the current levy statement
• last financial statements of a body corporate
• a copy of the sinking fund forecast
• a copy of the Certificate of Currency (if available)

The above are included in the cost of the search however other copies may be taken if desired. They will be charged at 55c per copy.

A full body corporate records search is ideal for someone who is new to body corporates or does not have the time to review minutes themselves.

To view prices and a sample report click here.

To order a short form body corporate records search click here.

I hope that’s clear. If not, please do let me know.