sec.158Disclosures to prospective buyer

### sec.158 Disclosures to prospective buyer A property developer marketing residential property must disclose the following to a prospective buyer of the property— any relationship, and the nature of the relationship (whether personal or commercial), the property developer has with an entity (a referred entity ) to whom the property developer refers the buyer for professional services associated with the sale; a family relationship a business relationship, other than a casual business relationship a fiduciary relationship a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions, or wishes of the other whether the property developer derives or expects to derive a benefit from a referred entity and, if so, the amount, value or nature of the benefit; if the property developer derives or expects to derive a benefit from a referred entity— for a referred entity who is an individual—the individual’s full name; or for a referred entity that has a registered business name—the registered business name; the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property; if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property— for an entity who is an individual—the individual’s full name; or for an entity that has a registered business name—the registered business name; accountant finance broker financial adviser financier property developer property valuer seller solicitor that the property developer holds an interest of at least 15% in the property. Maximum penalty—200 penalty units. The disclosure is effective for subsection (1) only if it is— given to the prospective buyer in the approved form before a contract for the sale of the property is entered into; and acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into. Also, for subsection (1) (c) , disclosure in compliance with the approved form is sufficient. In this section— benefit means monetary or other benefit. residential property includes a proposed home that— is to be erected or constructed under a domestic building contract; and is being marketed in connection with marketing land. (sec.158-ssec.1) A property developer marketing residential property must disclose the following to a prospective buyer of the property— any relationship, and the nature of the relationship (whether personal or commercial), the property developer has with an entity (a referred entity ) to whom the property developer refers the buyer for professional services associated with the sale; a family relationship a business relationship, other than a casual business relationship a fiduciary relationship a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions, or wishes of the other whether the property developer derives or expects to derive a benefit from a referred entity and, if so, the amount, value or nature of the benefit; if the property developer derives or expects to derive a benefit from a referred entity— for a referred entity who is an individual—the individual’s full name; or for a referred entity that has a registered business name—the registered business name; the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property; if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property— for an entity who is an individual—the individual’s full name; or for an entity that has a registered business name—the registered business name; accountant finance broker financial adviser financier property developer property valuer seller solicitor that the property developer holds an interest of at least 15% in the property. Maximum penalty—200 penalty units. (sec.158-ssec.2) The disclosure is effective for subsection (1) only if it is— given to the prospective buyer in the approved form before a contract for the sale of the property is entered into; and acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into. (sec.158-ssec.3) Also, for subsection (1) (c) , disclosure in compliance with the approved form is sufficient. (sec.158-ssec.4) In this section— benefit means monetary or other benefit. residential property includes a proposed home that— is to be erected or constructed under a domestic building contract; and is being marketed in connection with marketing land. - (a) any relationship, and the nature of the relationship (whether personal or commercial), the property developer has with an entity (a referred entity ) to whom the property developer refers the buyer for professional services associated with the sale; Examples of relationships for paragraph (a) — • a family relationship • a business relationship, other than a casual business relationship • a fiduciary relationship • a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions, or wishes of the other - • a family relationship - • a business relationship, other than a casual business relationship - • a fiduciary relationship - • a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions, or wishes of the other - (b) whether the property developer derives or expects to derive a benefit from a referred entity and, if so, the amount, value or nature of the benefit; - (c) if the property developer derives or expects to derive a benefit from a referred entity— (i) for a referred entity who is an individual—the individual’s full name; or (ii) for a referred entity that has a registered business name—the registered business name; - (i) for a referred entity who is an individual—the individual’s full name; or - (ii) for a referred entity that has a registered business name—the registered business name; - (d) the amount, value or nature of a benefit an entity has received, receives, or expects to receive in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property; - (e) if an entity has received, receives, or expects to receive a benefit in connection with the sale, or for promoting the sale, or for providing a service in connection with the sale, of the property— (i) for an entity who is an individual—the individual’s full name; or (ii) for an entity that has a registered business name—the registered business name; Examples for paragraph (e) of an entity who may receive a benefit— • accountant • finance broker • financial adviser • financier • property developer • property valuer • seller • solicitor - (i) for an entity who is an individual—the individual’s full name; or - (ii) for an entity that has a registered business name—the registered business name; - • accountant - • finance broker - • financial adviser - • financier - • property developer - • property valuer - • seller - • solicitor - (f) that the property developer holds an interest of at least 15% in the property. - • a family relationship - • a business relationship, other than a casual business relationship - • a fiduciary relationship - • a relationship in which 1 person is accustomed, or obliged, to act in accordance with the directions, instructions, or wishes of the other - (i) for a referred entity who is an individual—the individual’s full name; or - (ii) for a referred entity that has a registered business name—the registered business name; - (i) for an entity who is an individual—the individual’s full name; or - (ii) for an entity that has a registered business name—the registered business name; - • accountant - • finance broker - • financial adviser - • financier - • property developer - • property valuer - • seller - • solicitor - (a) given to the prospective buyer in the approved form before a contract for the sale of the property is entered into; and - (b) acknowledged by the prospective buyer in writing on the approved form before a contract for the sale of the property is entered into. - (a) is to be erected or constructed under a domestic building contract; and - (b) is being marketed in connection with marketing land.