Additional responsibilities apply when leasing and selling a unit in a unit title development.
Buying and selling a unit in a unit title development is different to buying a traditional house and land because there are :
- additional rights and responsibilities to consider when you own a unit title
- often more people involved – both the other owners in the development and the body corporate as a whole
- ongoing financial commitments that are different to those associated with traditional home ownership.
When buying a unit in a unit title development, it is important for the buyer to make an informed decision, and for the seller to be aware of their disclosure responsibilities.
Sellers of unit titles are required to provide intending buyers with disclosure statements; these provide potential buyers with information that can help inform their purchase decision.
Regulations prescribe the information that must be provided in each disclosure statement.
See Buying a unit for information on the requirements for each statement.