(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—
(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)if it is the duty of a body corporate manager to act for the body corporate for issuing body corporate information certificates—the body corporate manager; and
(b)state the amount of annual contributions currently fixed by the body corporate as payable by the owner of the lot; and
(c)identify improvements on common property for which the owner is responsible; and
(d)list the following—
(i)if the scheme is a specified two-lot scheme—the body corporate assets of more than $1000 in value;
(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.