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When selling your management rights business, one seemingly small step can make or break your settlement timeline: getting the committee’s sign-off on the Deed of Assignment. How many committee members must sign this deed? Typically, two. In Queensland, the law requires at least two committee members (e.g. the Chairperson and one other) to sign on behalf of the body corporate. In NSW, the owners corporation likewise needs two authorised signatories to affix its seal. In short, only these two signatures are needed – not the entire committee – to provide the required consent. (This deed is the document that actually transfers your caretaking/letting agreements to the buyer – if it isn’t signed by the committee, the sale cannot legally settle. Avoid Delays: Key Pitfalls A bit of foresight can save you from last-minute headaches. Keep these points in mind:
Ready for a smoother path to settlement? List your management rights with The SIRE Team and let us handle the details that matter most. Resources
Written by Richard Skiba, Principal of SIRE - Synergy International Real Estate
2016
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