By Kay Keam - 10 Jun 2011
The Unit Titles Act 2010 comes into effect on 20 June 2011. This new Act makes sweeping changes to the previous unit titles regime. We will highlight the most important of these changes over the next few weeks.
The new Act requires the seller of a unit title property to
disclose certain information to the potential purchaser at various
stages of the sale process. Effects of non-disclosure can
include extending the settlement date or giving the purchaser a
right to cancel the agreement.
The new Act itself does not give purchasers any express rights
if they are unhappy with the disclosed information. However a
purchaser may require the sale and purchase agreement to be
conditional on its approval of the disclosed information.
If you are currently selling or buying a unit title property
with settlement due in the next week or later, please contact us
straight away.