What owners must complete and provide

More information is required once the sale and purchase agreement has been signed, and before the settlement of the sale. 

The unit title owner must give the buyer the pre-settlement disclosure statement (PSDS) at least 5 working days before the settlement date. (Working days excludes 25 December to 2 January, weekends and public holidays.)

Pre-settlement disclosure statement templates

PSDS checklist for existing units

A PSDS for a sale of an existing unit must include:

• the unit number
• the body corporate number
• the amount of fees already paid to the body corporate
• the period covered by fees already paid to the body corporate
• how the body corporate fees were paid
• the due date of any body corporate fees that must be paid
• if any body corporate fees still need to be paid, and if so — the amount that is still owed
• if legal proceedings have started due to unpaid body corporate fees
• if any metered fees (for example water or gas) still need to be paid to the body corporate, and if so — the amount that is still owed, and
• if any repair or building costs still need to be paid to the body corporate, and if so, the amount that is still owed the rate at which interest is accruing on any money owing to the body corporate by the seller
• the interest rate on any money owed to the body corporate by the owner.

It must also include (in relation to the unit title development):

• If there are any legal proceedings pending against the body corporate.
• If there are any legal proceedings:
  • initiated by the body corporate and pending, or
  • planned to be initiated by the body corporate.
• If there are any claims by the body corporate against any person (or business) that are unresolved. (For example, an issue with a builder, insurers or contractors).
• If there have been any changes to the body corporate operational rules since the pre-contract disclosure statement was given to the buyer.

PSDS checklist for off-the-plans units

A PSDS for the sale of an off-the-plans unit must include the same information required for PSDS for off-the-plans units.

Pre-settlement disclosure statements — off-the-plans [DOCX, 53 KB]

It must also include the following (as far as it can be provided):

• The name and contact details of the body corporate manager (if there is one).
• A summary of the insurance cover the body corporate maintains for the unit title development, including:
  • the insurer’s name and contact details
  • the type and amount of cover, the annual amount payable for it, and the excess payable on any claim under it
  • any specific exclusions from cover
  • a statement of where and how the insurance policy can be viewed.
• The details of any contract or court decision that will bind the body corporate or the unit owner after the settlement date.
• A copy of the long-term maintenance plan.
• A copy of the written agreement setting out the body corporate manager’s terms of employment or engagement.
• A copy of the body corporate operational rules that apply to the body corporate, including any changes to the rules that have been made by the body corporate but are not in force yet.
• A copy of the minutes from the most recent general meeting of the body corporate.

Templates for PSDS

You can use the following templates to create a PSDS for both existing units and off-the-plans units.

Pre-settlement disclosure statement — existing units [DOCX, 26 KB]

Pre-settlement disclosure statement — off-the-plans [DOCX, 50 KB]