Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies to a contract for the sale of a unit in a units plan before the units plan is registered.
(2) The contract must include the following:
(a) the proposed articles of the owners corporation of the units plan;
(b) details of any contract the developer intends the owners corporation to enter, including—
(i) the amount of the buyer's contribution to the corporation's general funds that will be used to service the contract; and
(ii) any personal or business relationship between the developer and another party to the contract;
(c) the developer's estimate, based on reasonable grounds, of the buyer's contribution to the corporation's general funds for 2 years after the units plan is registered;
(d) if a right to approve the keeping of animals during the developer control period is reserved—details of the reservation, including the kind and number of animals;
(e) if a staged development of the units is proposed—the proposed development statement and any amendment to the statement.
(3) By entering into the contract, the developer warrants that the information disclosed under subsection (2) (a) to (e) is accurate.
Note If a developer is appointed as a proxy under the contract, a proxy disclosure statement must be included in the contract (see s 115A (Proxy votes—limit on developer)).
(4) The buyer of a unit may, by written notice given to the developer, cancel the contract of sale before the contract is completed if—
(a) the developer's disclosure under subsection (2) is incomplete or inaccurate; and
(b) the buyer is significantly
prejudiced because the disclosure is incomplete or inaccurate.