Our building manager is about to sell the management rights. Are we entitled to know how much they are selling the management rights for and how much they paid for them two years ago?
A body corporate is entitled to ‘the terms of the transfer’ as well as to an understanding of the buyer’s financial position.
At law on an assignment, a body corporate is entitled to ‘the terms of the transfer’ as well as to an understanding of the buyer’s financial position. Collectively, to me at least, this means the body corporate is more than likely entitled to know what the management rights transaction price is once a deal is struck and the buyer is presented to the body corporate for the purposes of consideration of the assignment. However, I don’t think that extends to what the vendor purchased them for as that is not relevant to the transaction at hand.
Log in to your existing Lookupstrata Account to download the printable file.
With more than 30 years’ experience in property, management rights and body corporate law, Frank is a beacon of knowledge and a renowned strata-industry expert. Known for his straight-shooting style and commercially driven advice, Frank cuts through the most challenging legal problems to deliver real-world solutions.
An active member of the strata community, Frank generously shares his time and experience to help educate the broader industry on all things strata law. He embraces his role as an industry leader and is committed to continued industry innovation and ensuring everyone in the strata sector has access to practical resources and solutions as they navigate through the strata maze.
He regularly presents to all industry segments and also speaks at Queensland Law Society events on strata law issues to other lawyers. Frank is a regular contributor to LookUpStrata.
Lookupstrata Directory
Looking for QLD Strata Specialist in your area? Search within our LookUpStrata Directory for the best list of contacts available
Search the directory
Comments
Log in to leave a comment