How Realworks Ensures Compliancy in CTS Property Sales
Community Title Scheme (CTS) property sales can often get finicky when ensuring that a seller disclosure statement is completed and distributed to the parties with the REIQ Contract For Sale.
When selling a CTS property, the seller must provide disclosure in accordance with Section 206 of the Body Corporate and Community Management Act 1997 (BCCM Act) prior to the buyer entering into the contract.
The implementation of this process can get tricky when the seller disclosure and contract must be sent via a routing process – the disclosure statement must first go to the seller for signing; the disclosure statement (signed by the seller) and proposed contract then go to the buyer for signing; then the contract goes back to the seller for signing.
Realworks takes the confusion out of the signing process by electronically generating the forms required and then routing the collated forms to the seller and buyer through DocuSign in compliance with the BCCM Act.
Users can find and generate the relevant contracts on Realworks: EF003 Contract for Residential Lots in a Community Titles Scheme or EF004 Contract for Commercial Lots in a Community Titles Scheme (CTS Contract).
By selecting these contracts, you can access the annexure button to select the disclosure statement (EF012 Disclosure Statement (Section 206 of BCCM Act)) to be added. Once your contract is finalised you can send a compliant CTS Contract to the seller and buyer without worrying about the routing.
The contract will then be routed in the specific order for signing:
- Seller/s – disclosure statement only
- Buyer/s – disclosure statement and contract
- Seller/s – contract
Users can check the signing status of the forms after they have been sent. Once completed, DocuSign will provide the option of downloading the signed document.
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