The Land Sales Act 1984 (“the Land Sales Act”) and the Body Corporate and Community Management Act 1997 (“the BCCM Act”) contain various requirements for a seller to provide a buyer with a disclosure statement before a contract for the sale and purchase of property is entered into.

These requirements are contained in the below sections:

• Section 10 of the Land Sales Act for off-the-plan contracts for non-strata title land.
• Section 206 of the BCCM Act for already registered strata title lots.
• Section 213 of the BCCM Act for off-the-plan strata title lots.

These sections:

1. Set out what information must be included in the disclosure statement.
2. Require the seller to sign the disclosure statement.
3. Require the seller to give the disclosure statement to the buyer before the contract is entered into.

Failure to comply with these disclosure requirements can give a buyer the right to terminate at any time up until settlement.

In certain circumstances, a seller may be required to give a buyer a further disclosure statement if the information contained in the original disclosure statement is incorrect, or has become incorrect.

As a result, it is essential that the relevant sections of these Acts are adhered to otherwise a buyer may be able to terminate a contract on a technicality.

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This update is for your information and interest only. It is not intended to be comprehensive, and it does not constitute and must not be relied on as legal advice. You must seek specific advice tailored to your circumstances.