(1)Before a contract (the contract) is entered into by a person (the seller) with another person (the buyer) for the sale to the buyer of a proposed lot, the seller must give the buyer a disclosure statement.
(2)The disclosure statement—
(i)identify the proposed lot; and
(ii)be accompanied by a disclosure plan, complying with section 213AA, for the proposed lot; and
(iii)state the date by which the seller must settle the contract for the sale of the proposed lot as provided under section 217B; and
(b)must state the amount of annual contributions reasonably expected to be payable to the body corporate by the owner of the proposed lot; and
(c)must include, for any engagement of a person as a body corporate manager or service contractor for the scheme proposed to be entered into after the establishment of the scheme, or proposed to be continued or entered into after the scheme is changed—
(i)the terms of the engagement, other than any provisions of the code of conduct that are taken to be included in the terms under section 118; and
(ii)the estimated cost of the engagement to the body corporate; and
(iii)the proportion of the cost to be borne by the owner of the proposed lot; and
(d)must include, for any authorisation of a person as a letting agent for the scheme proposed to be given after the establishment of the scheme, or proposed to be continued or given after the scheme is changed, the terms of the authorisation; and
(e)must include details of all body corporate assets proposed to be acquired by the body corporate after the establishment or change of the scheme; and
(f)must be accompanied by—
(i)the proposed community management statement; and
(ii)if the scheme to be established or changed is proposed to be established as a subsidiary scheme—the existing or proposed community management statement of each scheme of which the proposed subsidiary scheme is proposed to be a subsidiary; and
(g)must identify the regulation module proposed to apply to the scheme; and
(h)must include other matters 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.