(1) 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).
(2) The statement must—
(a) state that the lot is included in a community title scheme that imposes obligations on the owner of the lot; and
(b) state the name and address of—
(i) the body corporate of the scheme; or
(ii) if it is the duty of a body corporate manager to act for the body corporate in supplying community title certificates—the manager; and
(c) state the amount of annual contributions currently fixed by the body corporate as payable by the owner of the lot; and
(d) identify improvements on common property of the scheme for which the owner of the lot is responsible.
Note If a form is approved under s 97 for a statement, the form must be used.
(3) The statement must be signed by the seller or a person authorised by the seller.
(4) The statement must be substantially complete.
(5) 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).
(6) The buyer may rescind the contract if—
(a) the seller has not complied with subsections (1) and (5); and
(b) settlement has not taken place.