(1) Section 49, as modified by this section, applies if a person grants an
option (the
"option" ) to another person—
(a) to purchase a proposed lot; or
(b) to
sell a proposed lot.
(2) For subsection (1) —
(a) section 49(1) requires
the giving of a disclosure statement in relation to the option as if a
reference to a contract for the sale of a proposed lot being entered into were
a reference to an option to purchase or sell the proposed lot being granted;
and
(b) any right of avoidance under section 49relating to the disclosure
statement applies in relation to—