i. The homebuilder will provide customers with a sales reservation confirmation showing the gross sale price and any sales incentives, whether in cash or otherwise.
ii. All sales incentives which are cash discounts or cash deductions reducing the sale price will be disclosed on both the sales reservation form and the sale contract, with the resulting balance shown as the net sale price.
iii. The sales reservation will be made available to the buyer’s conveyancer as a matter of course and to the lender and/or valuer on request.
iv. All payments to third parties relating to the sale, above five per cent (5%) (including introductory and commission payments, but excluding payments to instructed selling agents) will be disclosed to the buyer’s conveyancer.
v. Any sales incentives provided to the customer after the date of reservation but prior to exchange of contracts will be notified to the buyer’s conveyancer who is under a duty to disclose them to the lender.