Unit Title Disclosure Statements

As a part of buying and selling Unit Titles, the Vendor is required to provide the Purchaser with two disclosure statements: Pre Contract Disclosure Statement: The Vendor must provide this to the Purchaser before the contract becomes binding. This statement should detail the annual Body Corporate levy for that unit, scheduled building maintenance, the current balance in any Body Corporate bank accounts and known weathertightness issues. Pre Settlement Disclosure Statement: The Vendor must provide this statement before Settlement. This statement describes the current position in relation to the owner’s payments due to the Body Corporate. The Purchaser may be entitled to cancel the Agreement if the correct disclosure statement has not been provided to the Purchaser within the required timeframes. The Purchaser should read these statements alongside the Body Corporate meeting minutes as they can be a helpful "red flag" to historical or potential issues at the building or Unit Title.