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Disclosing Information to Owners’ Corporations following Settlement

There appears to be some confusion amongst members as to what information an Owners’ Corporation is entitled to receive on completion of a settlement in Victoria. 

AIC Vic has received reports from members that many Owners’ Corporations are demanding a Notice of Acquisition to update their records in favour of the incoming purchaser. The Notice of Acquisition form provided to the State Revenue Office and Council offices in a property transaction contains information that these government bodies are legally entitled to receive pursuant to legislation. Additionally, the Notice of Acquisition form contains private information such as sale price, deposit amount, particulars of the property and the purchaser’s birth date.  Owners’ Corporations are not entitled to receive this information pursuant to legislation. Therefore, to disclose it to any Owners’ Corporation constitutes a breach of privacy unless you have express written permission from the purchaser to disclose it.

Section 134 of the Owners Corporation Act 2006 provides that a vendor who sells a property must advise the Owners’ Corporation of the name and address of the purchaser within one month of the completion of the contract. Equally, the purchaser must advise the Owners’ Corporation of its name and address within one month of the completion of the contract. Owners’ Corporations are not entitled to receive any other information in a property transaction.

How should I disclose the requisite information to an Owners’ Corporation?

The AIC Vic Member Area of our website contains a ‘Notice of Change in Ownership’ template form which complies with section 134 of the Act. We would recommend using this template form every time you need to advise an Owners’ Corporation of a change in property ownership. The completed form should be sent with an accompanying letter stating that, “in accordance with section 134 of the Owners Corporation Act, I enclose a ‘Notice of Change in Ownership’ form”.

Once you have logged into the Member Area, select Publications on the blue banner, then click on the Documents column and select View All.

Should you have any further questions or concerns regarding the information set out above, please contact admin@aicvic.com.au. Please note that this blog does not constitute legal advice and is purely an educational guide.