Community Title Act 2001

The seller of a lot included in a community title scheme (including the original owner of the scheme land, or a mortgagee exercising a power of sale of the lot) must give to a person (the buyer) who proposes to buy the lot, before the buyer enters into a contract to buy the lot, a statement complying with subsections (2) to (4).

The statement must—

state that the lot is included in a community title scheme that imposes obligations on the owner of the lot; and

state the name and address of—

the body corporate of the scheme; or

if it is the duty of a body corporate manager to act for the body corporate in supplying community title certificates—the manager; and

state the amount of annual contributions currently fixed by the body corporate as payable by the owner of the lot; and

identify improvements on common property of the scheme for which the owner of the lot is responsible.

The statement must be signed by the seller or a person authorised by the seller.

The statement must be substantially complete.

The seller must attach to the contract, as a first or top sheet, a copy of the statement given to the buyer under subsection (1).

The buyer may rescind the contract if—

the seller has not complied with subsections (1) and (5); and

settlement has not taken place.