FREE Brochures - new and updated
SPM Law's latest brochure will be hot off the press in coming days. "Buying and Selling Management Rights" is the latest addition to our FREE brochures available both in hard copy or online.
Covering everything from the process, the lawyers role, frequently asked questions and tips to understanding the lingo, "Buying and Selling Management Rights" is perfect for anyone who has ever thought about purchasing management rights or those already in the industry.
In line with the theme of this newsletter here are the definitions of some of the confusing language used in management rights.
CMS - Community Management Statement, the document that contains the by-laws, a
description of the real property in the scheme as well as the lot entitlements for the lots in the
scheme. This document also identifies any exclusive use areas attaching to lots.
By-Laws - the rules of the Body Corporate relating to the use of the lots and common property.
They define what the Body Corporate can and can’t do. The By-Laws apply to all lot owners
and their guests.
CTS - Community Title Scheme – this is what is created when a single property title(owned by
the developer) is subdivided into separate titles or lots and common property to be governed
by the terms of the Community Management Statement.
RUM – Resident Unit Manager – essentially the “on-site manager”, the person who owns and
operates a Management Rights Business and owns a lot within the complex as part of that
Due Diligence – where your experienced management rights lawyer correctly guides the
buyer through the legalities of buying management rights. The lawyer will, during this process,
identify issues that may come back to bite a buyer if they are not identified and corrected at
the time of purchase. Of particular relevance is the inspection of body corporate records
undertaken by a specialist search agent and reviewed by your lawyer. Allow a minimum 21
days for the legal due diligence to be completed.
Body Corporate - The legal term for the entity created to control and administer the common
property of the building and other collective responsibilities of the lot owners. All lot owners
are members of the Body Corporate and they nominate a committee from their ranks to make
the more day to day decisions on their behalf.
Our other brochures " A Guide to Wills and their Importance" and "Understanding Funerals and the Law" are also available online or hard copy. If you would like multiple copies for your clients or social groups please don't hesitate to contact us and we will get them to you.
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