Body Corporate Disclosure Statements in NZ Explained

When a unit is sold, the seller must give the buyer disclosure information about the body corporate. Getting it right protects the sale.

Pre-contract disclosure

Given to buyers before they sign, it covers levies, the long-term maintenance plan, insurance, planned major works, any disputes or claims, and other key body corporate information.

Pre-settlement disclosure

Given before settlement, it confirms levies owing, any proposed changes and other matters affecting the unit at the time of sale.

Additional disclosure

A buyer can request additional disclosure, such as minutes and financial statements. Sellers must respond within set timeframes.

How Flatflo helps

Because levies, insurance, maintenance plans and minutes already live in Flatflo, the information for each statement can be pulled together in minutes instead of days.

Who prepares the disclosure statement?

The seller is responsible, but the information comes from the body corporate, so the body corporate usually supplies it.

What happens if disclosure is wrong or late?

The buyer may be able to delay settlement or, in some cases, cancel the agreement, so accurate records matter.