47Implied warranty

47 Implied warranty (1) The seller is taken to have warranted: (a) when entering into the contract – the information in the disclosure statement is accurate; and (b) when completing the contract: (i) the contract discloses all latent and patent defects of the common property and body corporate assets, other than defects arising through ordinary usage; and (ii) the contract discloses all actual, contingent and expected liabilities of the body corporate, other than liabilities relating to the normal operation of the scheme; and

Unit Title Schemes Act 2009 29 (iii) there are no circumstances relating to the scheme that might substantially prejudice the buyer, other than circumstances disclosed in the contract. (2) The warranty has effect as part of the contract to the extent to which the seller knows, or ought reasonably to have known, of the matter to which the warranty relates.