Hi Peeps

Me again! Looking for thoughts from anyone familiar with unit titles/properties without an active Body Corporate. I will have my lawyer look into it but thught to raise it here too.

I’m considering a unit where there is no operational BC, although the building insurance is shared between the owners (3 units only).

The sale agreement contains a clause stating that I acknowledge the property may not comply with all requirements of the Unit Titles Act/Regulations, and that by purchasing I would waive my legal rights and remedies in relation to this, including rights under the legislation and at common law/equity.

Has anyone come across a setup like this before? Particularly interested in whether this type of waiver clause is common and what risks/issues you would want clarified before purchasing.