What is a disclosure statement?

A disclosure statement is a statement that discloses material facts about a development property, “material fact” means, in relation to a development unit or development property, any of the following:

• A fact, or a proposal to do something, that affects, or could reasonably be expected to affect, the value, price, or use of the development unit or development property.
• The identity of the developer.
• The appointment, in respect of the developer, of a receiver, liquidator or trustee in bankruptcy, or other similar person acting under the authority of a court.
• Any other prescribed matter.