What does Form B provide during a residential conveyance?

Form B is a critical document used in the context of strata properties during a residential conveyance. It specifically serves to provide information regarding current strata fees and any arrears owed by the seller. This is essential for potential buyers as it offers transparency about the financial obligations tied to the property, including ongoing costs associated with living in a strata complex.

Understanding the current strata fees is important because this information impacts the buyer's budgeting for monthly or annual expenses related to the property. If there are any arrears, this could affect the buyer's decision or negotiation process, as it may indicate pending financial responsibilities that could transfer with the property purchase.

This form does not deal with affirmations of property ownership, legal descriptions of the property, or details on prior sales, which are addressed by other documents in the conveyancing process. Such distinctions highlight the specific purpose of Form B in ensuring that prospective buyers are fully informed about the financial status of the strata property they are considering.