CONVEYANCING ACT 1919 - SECT 66ZI
Annexure of proposed contract for sale of land
CONVEYANCING ACT 1919 - SECT 66ZI
Annexure of proposed contract for sale of land
66ZI Annexure of proposed contract for sale of land
(1) If an option to purchase residential property is granted and the required
documents are not attached to the option document at the time it is granted,
either party may serve a written notice to the effect that the party rescinds
the option or (if the option has been exercised) the contract resulting from
the exercise of the option.
(2) For the purposes of this section, the
required documents are--
(a) a copy of the proposed contract for the sale of
the property (excluding particulars of the purchaser, but including
particulars of the purchase price), and
(b) the documents required by
section 52A to be attached to the contract before signature by the purchaser.
(3) On service of an effective notice of rescission under this section,
section 66ZE or (if relevant) section 66V applies, except that--
(a) the
purchaser is not liable to the forfeiture provided for under those sections,
and
(b) those sections have effect as if they both provided that the whole of
the consideration paid in relation to the option and the whole of any deposit
paid in relation to the purchase of the property are payable to the purchaser.
(4) The notice may be served at any time during the period commencing when the
option was granted and ending when the option is exercised or ceases to be
exercisable or (if relevant) during the period commencing when the option is
exercised and ending at 5 pm on the fifth business day after the day when the
option is exercised.
(5) The notice is ineffective if served after completion
of the resulting contract.