Unit Titles (Strengthening Body Corporate Governance and Other Matters) Amendment Bill

  • enacted
37 Regulation 33 replaced (Pre-contract disclosure statement)

Replace regulation 33 with:

33 Pre-contract disclosure statement

(1)

The following information is prescribed for section 146(2) of the Act (which requires a pre-contract disclosure statement to contain prescribed information) if the pre-contract disclosure is provided in relation to a sale and purchase of a unit other than an “off-the-plan” unit:

(a)

whether the body corporate or body corporate committee has actual knowledge that any part of the unit title development has—

(i)

weather tightness weathertightness issues for which a claim has been made under the Weathertight Homes Resolution Services Act 2006; or

(ii)

weather tightness weathertightness issues that have been remediated without a claim under that Act or other proceedings before a court or tribunal; or

(iia)

weather tightness weathertightness issues that have not been remediated; or

(iii)

earthquake-prone issues; or

(iv)

any other significant defects in the land (including the unit title development and the land on which it is situated) that may require remediation:

(b)

whether the body corporate is involved in any proceedings in any court or tribunal and, if so, details of the proceedings:

(c)

financial statements and audit reports for the previous 3 years or (as the case may be) audit reports for those of the previous 3 years for which an audit was carried out and a statement of the years in that time period for which no audit was carried out:

(d)

notices and minutes of general meetings of the body corporate and the body corporate committee for the previous 3 years,

(i)

including all supporting documentation; but

(ii)

excluding any information that may be redacted for the reasons specified in regulation 27A(2):

(e)

the name and contact details of the body corporate manager or managers:

(ea)

the 12-month period comprising the current financial year for the purposes of the financial statements of the body corporate:

(f)

the body corporate levies payable for the unit for the current financial year:

(ga)

details of maintenance that the body corporate proposes to carry out on the unit title development in the year following the date of the disclosure statement and how the body corporate proposes to meet the cost of that maintenance:

(gb)

the balance of every fund or bank account held or operated by or on behalf of the body corporate at the date of the last financial statement:

(ha)

a copy of the long-term maintenance plan:

(i)

any proposed works under the long-term maintenance plan for the unit title development to be carried out or begun within the next 3 years and the estimated costs of the works:

(j)

the next review date for the long-term maintenance plan for the unit title development:

(ja)

any remediation reports commissioned by the body corporate within the previous 3 years:

(k)

a summary of the insurance cover the body corporate maintains for the unit title development, including—

(i)

the insurer’s name and contact details; and

(ii)

the type and amount of cover, the annual amount payable for it, and the excess payable on any claim under it; and

(iii)

any specific exclusions from cover; and

(iv)

a statement of where and how the insurance policy can be viewed:

(l)

an explanation of the following:

(i)

unit title property ownership:

(ii)

unit plans:

(iii)

ownership and utility interests:

(iv)

body corporate operational rules:

(v)

the information required to be contained in a pre-settlement disclosure statement:

(vi)

records of title:

(vii)

the land information memorandum issued under section 44A of the Local Government Official Information and Meetings Act 1987:

(viii)

easements and covenants.

(2)

The following information is prescribed for section 146(2) of the Act if the pre-contract disclosure statement is provided in relation to the sale and purchase of an “off-the-plan” unit:

(a)

a summary of the draft financial budget for the unit title development, including an estimate of the cost of operating the body corporate in an average 12 months:

(b)

an estimate of the proposed ownership interest for the unit based on the sales value (or, in a case where an actual sales value is not available at the time the pre-contract disclosure is provided, based on an estimated sales value at that time):

(c)

an estimate of the proposed utility interest for the unit:

(d)

the draft (if any) of the body corporate operational rules that will first apply:

(e)

what, if any, service contracts have been or are proposed to be entered into that will continue in force after the unit purchase is settled, including—

(i)

any contracts for utilities (for example, telecommunications, water, or electricity); and

(ii)

any contract appointing a body corporate manager.

(2A)

For the purposes of subclause (1)(a), a unit title development has a weather tightness weathertightness issue if—

(a)

water has penetrated it, because of some aspect of its design, construction, or alteration, or of materials used in its construction or alteration; and

(b)

the penetration of water is likely to cause or has caused damage to it.

(3)

The information required by this regulation must be provided to the extent that it is capable of being provided in relation to the unit and the development concerned (see section 146(2) of the Act).