Further Requirements On Property Transfer of Unit Title Part 4

Well yesterday was the day the Unit Titles Act 2010 took effect. So following on from our previous blogs on Property Transfer of Unit Titles we will wrap up on additional requirements to safe guard your property conveyancing when purchasing or selling.

All Disclosure statements from a Vendor must be dated and signed by either the Vendor or a person authorised by the Vendor.

If prior to settlement date the Vendor becomes aware of any inaccuracies in the Disclosure Statement, the Vendor must give another statement correcting those inaccuracies.

If the additional Disclosure Statement or Pre-Settlement Disclosure Statement is not given to the Purhaser within the specified timeframes, the Purchaser may do one of the following:

1.  Postpone settlement date until the 5th working day after the day all Disclosure is provided, or

2.  Cancel the Agreement by giving 10 days notice in writing.

The Unit Titles Act clearly states that a Purchaser is entitled to rely on the Disclosed Information as to its form of accuracy. This is now where the Vendor or the Body Corporate have the responsibility to make sure the information is correct and accurate.

Now is the time to review Contract Conditions when dealing with the property transfer of Unit Titles and the impact of the Unit Titles Act.

If you would like assistance or a further discussion