(1) The seller (the
"seller" ) of a lot included in a community titles scheme (including the
original owner of scheme land, or a mortgagee exercising a power of sale of
the lot) must give a person (the
"buyer" ) who proposes to buy the lot, before the buyer enters into a contract
(the
"contract" ) to buy the lot, a disclosure statement.
(2) The disclosure
statement must—
(a) state the name, address and contact telephone number
for—
(i) the following—
(A) if the scheme is a specified two-lot
scheme—each person who is responsible for keeping body corporate records
under the specified two-lot schemes module;
(B) otherwise—the secretary of
the body corporate; or
(ii) otherwise—the body corporate assets required to be recorded on
a register the body corporate keeps; and
(e) state whether there is a
committee for the body corporate or a body corporate manager is engaged to
perform the functions of a committee; and
(f) include other information
prescribed under the regulation module applying to the scheme.
(3) The
disclosure statement must be signed by the seller.
(4) The disclosure
statement must be substantially complete.
(5) If the contract has not already
been settled, the buyer may terminate the contract if the seller has not
complied with subsection (1) .
(6) The seller does not fail to comply with
subsection (1) merely because the disclosure statement, although substantially
complete as at the day the contract is entered into, contains inaccuracies.