260Contract for sale of unit before registration of units plan

260 Contract for sale of unit before registration of units plan (1) Before the buyer and seller enter an off-the-plan contract, the seller must give the buyer a statement (the disclosure statement) including the following matters: (a) a plan that shows— (i) the proposed location and dimensions of the unit in relation to other units and the common property in the units plan; and (ii) the internal floor plan of the unit; and (iii) anything else prescribed by regulation; (b) if a building management statement is required or is proposed for a building, or part of a building, subdivided by the units plan—the building management statement; Note A building management statement is required for a unit title application if the units plan subdivides part of a building that includes a lease additional to the units plan lease (see Unit Titles Act 2001, s 17B). (c) a statement about the proposed use of each unit in the units plan showing— (i) the full list of potential authorised uses under the lease for the unit; and

(ii) if the developer proposes to restrict the use of a unit to a subset of the potential uses mentioned in subparagraph (i)— (A) the proposed subset of uses that applies to the unit; and (B) the conditions (if any) applying to a stated use; Note A unit title application under the Unit Titles Act 2001 may include proposed restrictions on use (see that Act, s 17 (6)). (d) the proposed schedule of unit entitlement for the units plan; (e) details of each proposed unit subsidiary in the units plan, including the potential uses of the subsidiary; (f) a statement about the potential for, and type of, easements that may be required for the units plan; (g) the proposed rules of the owners corporation for the units plan including any special privilege rule; (h) details of any contract the developer intends the owners corporation to enter, including— (i) the amount of the buyer’s general fund contribution that will be used to service the contract; and (ii) any personal or business relationship between the developer and another party to the contract; (i) the developer’s estimate, based on reasonable grounds, of the buyer’s general fund contribution for 2 years after the units plan is registered; (j) the method proposed for working out the contribution to be paid into the general fund by each unit; (k) the method proposed for working out the contribution to be paid into the sinking fund by each unit;

(l) if a staged development of the units is proposed—the proposed development statement and any amendment to the statement; (m) any other matter prescribed by regulation in relation to the following: (i) development approval for the building the subject of the proposed units plan under the Planning Act 2023; (ii) design and construction (including the identity of the developer, licensed builder or design architect); (iii) sustainability infrastructure; (iv) provision of utility services. Examples—par (j) and par (k) 1 the user pays principle 2 unit entitlement value based on the market value of each unit 3 fixed cost for each unit regardless of unit value (2) For subsection (1), the seller may give the disclosure statement by including some or all of the disclosure statement in the contract. (3) However, a seller does not contravene subsection (1) only because of a matter included in the disclosure statement is inaccurate or incomplete. Note A seller who becomes aware of an inaccurate or incomplete matter in a disclosure statement is required to notify the buyer of the matter (see s 260B). building management statement—see the Land Titles Act 1925, section 123C (1). default rules—see the Unit Titles (Management) Act 2011, development statement—see the Unit Titles Act 2001, dictionary.