45. Exception: all residential properties in development or phase sold under one agreement etc.
(1) Divisions 2, 3, 4, 5, 6 and 7 do not apply in any of the 3 situations specified in subsections (2), (3) and (4).
(2) The first situation is that in the case of a development consisting of one or more multi-storey buildings but not houses, all the residential properties in one of those buildings (being specified residential properties)—
(a) are sold by the owner to one person under one agreement for sale and purchase; or
(b) are offered by the owner to be sold to any other person on the condition that those residential properties will only be sold to one person under one agreement for sale and purchase.
(3) The second situation is that in the case of a development consisting of houses but not multi-storey buildings, all the residential properties in the development (being specified residential properties)—
(a) are sold by the owner to one person under one agreement for sale and purchase; or
(b) are offered by the owner to be sold to any other person on the condition that those residential properties will only be sold to one person under one agreement for sale and purchase.
(4) The third situation is that in the case of a development consisting of one or more multi-storey buildings as well as houses, all the residential properties in one of the buildings (being specified residential properties), or all the residential properties in those houses (being specified residential properties), or both—
(a) are sold by the owner to one person under one agreement for sale and purchase; or
(b) are offered by the owner to be sold to any other person on the condition that those residential properties will only be sold to one person under one agreement for sale and purchase.
(5) In the first, second or third situation, the fact that the residential properties are sold, or offered to be sold, with other properties in the development is not relevant. Subsection (1) does not operate to disapply Divisions 2, 3, 4, 5, 6 and 7 in the case of those other properties.
(6) If the development is divided into 2 or more phases, a reference in this section to a development is a reference to a phase of the development.
46. Exception and additional requirement: property sold or offered to be sold to sitting tenant
(1) Divisions 3, 4, 5 and 6 do not apply in the situation specified in subsection (2).
(2) The situation is that the specified residential property is sold by the owner, or is offered by the owner to be sold, to another person—
(a) who is the tenant of that property; and
(b) who, as at the date of the property being sold or offered to be sold (as the case may be), has been the tenant of that property for a continuous period of at least one year. (3) Division 2 does not apply in the situation specified in
subsection (2) if that other person agrees in writing that the Division does not apply.
(4) In the situation specified in subsection (2), the vendor must, as soon as practicable after the property is offered to be sold to that other person, provide that other person one document (vendor’s information form) printed within the previous 3 months.
(5) The vendor’s information form must set out the information required by Schedule 6.
(6) The vendor’s information form must state the date on which the document is printed.
(7) The information set out in the vendor’s information form must be accurate as at the date on which that form is printed.
(8) A vendor who contravenes subsection (4) commits an offence and is liable to a fine of $500,000.
(9) If subsection (5), (6), or (7) is contravened, the vendor who provides the vendor’s information form commits an offence and is liable to a fine of $500,000.
47. Exception: property sold or offered to be sold by way of auction or tender
Division 3 does not apply if the specified residential property is sold by the owner, or is offered by the owner to be sold, to another person by way of auction or tender.
48. Additional requirement: unsold property in completed development
(a) a specified residential property in a completed development, or a completed phase of a development, is offered to be sold to a person; and
(b) the specified residential property has been offered to be sold to any other person when the development or the phase was an uncompleted development or phase,
the vendor must, as soon as practicable after the offer mentioned in paragraph (a) is made, provide the person one document (vendor’s information form) printed within the previous 3 months.
(2) The vendor’s information form must set out the information required by Schedule 6.
(3) The vendor’s information form must state the date on which the document is printed.
(4) The information set out in the vendor’s information form must be accurate as at the date on which that form is printed.
(5) A vendor who contravenes subsection (1) commits an offence and is liable to a fine of $500,000.
(6) If subsection (2), (3) or (4) is contravened, the vendor who provides the vendor’s information form commits an offence and is liable to a fine of $500,000.
(7) The requirement under subsection (1) is in addition to any other requirements that apply by virtue of Division 2, 3, 5, 6, 7 or 8.