BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49B Avoiding contract if not settled within particular period

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 49B

49B Avoiding contract if not settled within particular period

(1) This section applies if, other than because of the purchaser’s default, the original proprietor has not settled the contract for the sale of the proposed lot before—

(a) if the contract provides for a date by which it must be settled (the
"sunset date" ), the earlier of the following—

(i) the sunset date or, if the purchaser requests a later date for settlement and the original proprietor agrees to the date, the later date;

(ii) the end of 5 1 / 2 years after the day the contract was entered into by the purchaser or, if the purchaser requests a later date for settlement and the original proprietor agrees to the date, the later date; or

(b) otherwise—the end of 3 1 / 2 years after the day the contract was entered into by the purchaser or, if the purchaser requests a later date for settlement and the original proprietor agrees to the date, the later date.

Note—

See section 139 for the particular circumstances in which the period prescribed in subsection (1) (b) is changed.

(2) The purchaser may avoid the contract for the sale of the proposed lot by a signed written notice of avoidance given to the original proprietor before the contract is settled.