REIQ Best Practice Guidelines v03.23 - Flipbook - Page 82
16. SECTION 206 DISCLOSURE
STATEMENT
(a) This guideline 16 applies if the property is a
commercial lot in a Community Titles Scheme.
(b) Member C&I Agents must provide a signed
s206 disclosure statement to a prospective
buyer of a property with the draft contract.
(c) A s206 disclosure statement must be signed
either:
i.
By the Client; or
ii.
By the Member C&I Agent if they hold
a signed written authority from the
Client.
(d) Member C&I Agents may:
i.
prepare the statement by using
information received from the Client or
body corporate; or
ii.
obtain a completed statement from
either the Client’s Legal Practitioner or
the body corporate of the community
titles scheme.
(e) Regardless of which party prepares a
statement, Member C&I Agents should direct
their Clients to obtain legal advice about
the information disclosed and what
termination rights a buyer may have under the
Body Corporate and Community Management
Act should the information be incorrect or
incomplete.
17. SELLER’S CONTRACTUAL DISCLOSURE
(a) Member C&I Agents should obtain instructions
from their Client about matters which the
Client is required to disclose to a prospective
buyer either contractually or legally including,
but not limited to, the following matters:
i.
the certificate of classification for the
property, if the present use of the
property is lawful;
REIQ BEST PRACTICE GUIDELINES
V08.23
REIQ Members can see
completed example contracts
in the Best Practice Toolkit
in Member Resources
ii.
iii.
the Client’s legal capacity to enter and
complete the contract (they are not
bankrupt or insolvent) and if the seller
is a trustee, they have a power of sale
under the instrument of trust;
if there is current, pending or
threatened litigation by any third party
claiming an interest in the property or
which may effect the property or the
Client’s title to the property;
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