Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The seller must, before the buyer enters into the contract, give the buyer a scheme disclosure statement (a disclosure statement ) in force under subsection (3) for the unit.
(2) The seller must ensure a disclosure statement for the unit contains the following information:
(a) an estimate of the amount of annual contributions reasonably expected to be payable to the body corporate for the unit;
(b) the information prescribed by regulation about the engagement or proposed engagement of a body corporate manager or service contractor;
(c) the information prescribed by regulation about the authorisation or proposed authorisation of a letting agent;
(d) the information prescribed by regulation about any existing or proposed body corporate assets;
(e) the existing and proposed scheme statements, management modules and by-laws of the scheme and higher schemes (whether existing or proposed to be formed or changed);
(f) anything required to be included in the disclosure statement by the management modules;
(g) the information prescribed by regulation about any proposed plan of subdivision or proposed plan of consolidation relating to the unit;
(h) the method of adjudicating disputes arising from the disclosure statement as prescribed by regulation;
(i) any other matter prescribed by regulation.
(3) The disclosure statement is in force if:
(a) it is signed by or for the seller; and
(b) it is registered together with any document prescribed by regulation.
(4) The seller must comply with subsections (1) and (2).
Fault element: Strict liability offence.
Maximum penalty: 100 penalty units.