Australian Capital Territory Current Acts

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Statement to be given by seller to buyer

    (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.

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