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The Unit Titles Act 2010 includes compulsory disclosure requirements for buying and selling unit title properties. These are designed to ensure buyers have a clear understanding of the unit title in question.
There are three specific types of disclosure:
Pre-contract disclosure; ie before any sale and purchase agreement is signed:
A seller is obligated to provide a pre-contract disclosure statement before entering into an agreement for sale and purchase. It contains general information about unit title ownership, the amount of the body corporate levy for the unit, planned maintenance, funds held by the body corporate, and whether the unit or common property has been the subject of a weathertightness claim.
Pre-settlement disclosure; ie before the settlement date:
The seller must provide this after the sale and purchase agreement has been signed but before settlement of the sale. It includes the ownership levies required for the unit, whether there are any proceedings pending against the body corporate and whether there have been any changes to the body corporate operational rules since the last disclosure.
Additional disclosure, which may be requested by the buyer:
Upon entering into the Sale & Purchase agreement a unit title buyer may request more information about a body corporate, in which case they they may have to pay a fee for to cover preparation of the material. You can request information such as:
