BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 218
Termination under this part
BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 218
Termination under this part
218 Termination under this part
(1) This section applies if a buyer terminates a contract under this part.
(2) The seller must, within 14 days after the termination, repay to the
buyer—
(a) any amount paid to the seller or the seller’s agent towards the
purchase of the lot; and
(b) any interest that accrued on the amount while it
was held by the seller or the seller’s agent.
(3) However, if the amount or
interest is held by an entity in a trust account kept as required under an
Act, the requirement under subsection (2) applies subject to compliance with
the law governing the entity’s trust account.
(4) An amount repayable under
subsection (2) may be recovered as a debt.
