BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 209A Terminating contract if contribution schedule lot entitlements inconsistent with contribution schedule principle

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 209A

209A Terminating contract if contribution schedule lot entitlements inconsistent with contribution schedule principle

(1) This section applies if—

(a) the seller is the original owner for the community titles scheme; and

(b) the buyer reasonably believes—

(i) the contribution schedule lot entitlements for the lots included in the scheme are inconsistent with the contribution schedule principle on which they were decided; and

(ii) the buyer would be materially prejudiced if compelled to complete the contract.

(2) Subject to subsection (3) , the buyer may terminate the contract at any time before it settles by giving signed, dated notice of termination to the seller.

(3) The termination must happen not later than 30 days, or a longer period agreed between the buyer and seller, after the buyer’s copy of the contract is received by the buyer or a person acting for the buyer.

(4) The notice of termination must state that the contract is terminated under this section.