Beyond the issue of voting rights, different classes of common shares almost always have the same shareholding in a company. Thus, shareholders of all classes have the same rights to participate in corporate profits. In other words, they have the right to participate in all dividends approved by the Board of Directors. If the parties wish to commit to an agreement, perhaps because the house is sought after by several buyers, the marketing contract can be concluded with the necessary details and signed and exchanged at the representative`s office. In this case, a cooling-off period applies and the buyer can terminate the contract if the buyer changes his mind within 5 working days. In theory, a company can create any number of common stock classes. In reality, the decision is usually made to focus voting rights on a particular group of people. For Class B units, a licensed construction consultant must be responsible for carrying out inspections of buildings, pests and energy assessment. Your seller will usually arrange these inspections. Where there is no seller, elringtons can provide contact information for construction consultants in the environment. As a result of these inspections, the construction consultant produces reports that document their results, which will be included in the sales contract. Only units in the class: Copies of Body Corporate Minutes and a section 75 certificate must be part of the sales contract. We receive these documents from Owners.
The fixed fee for the Section 75 certificate is $88.00. (Please note that a certificate is valid for 90 days from the date of the certificate, in accordance with Section 75. If the property is not sold during this period, an updated Section 75 certificate may be required.) For Class A units, no building or pest declarations are required. When more than one class of shares is proposed, companies traditionally designate them as Class A and Class B, with Class A having more voting rights than Class B shares. Class A shares can offer 10 voting rights per share held, while Class B shares offer only one share. It depends on how the company decides to structure its actions. The difference between Class A and Class B shares is illustrated by the share classes issued by Berkshire Hathaway, the company led by legendary investor Warren Buffett. Class B shares were trading at $208.96 at March 5, 2020, while Class A stock was valued at $315,000. ACT Revenue Office and ACTEWAGL (Water and Wastewater) are informed by the Department of Regulatory Services of the Act Land Titles Office after the transfer has been registered.