(c) the land is the subject of an order under
section 458.
(2) The owner must, before agreeing to dispose of the land to
someone else (the
"buyer" ), give written notice to the buyer stating—
(a) if subsection (1)
(a) applies—that the particulars of the land have been recorded in a
relevant land register and, if details of a site management plan for the land
are recorded in the register, details of the plan; or
(b) if subsection (1)
(b) applies—that the owner has been given a notice mentioned in the
subsection and particulars of the notice; or
(c) if subsection (1) (c)
applies—that the land is the subject of the order and particulars of the
order.
Penalty—
Maximum penalty—50 penalty units.
(3) If the
owner does not comply with subsection (2) , the buyer may rescind the
agreement by giving the owner written notice before whichever of the following
happens first—
(a) the completion of the agreement;
(b) possession under
the agreement.
(4) When the buyer rescinds the agreement under subsection (3)
—
(a) a person who has been paid an amount by the buyer under the agreement
must refund the amount to the buyer; and
(b) the buyer must return to the
owner any documents about the disposal, other than the buyer’s copy of the
agreement.
(5) However, if the owner does not comply with subsection (2) ,
the owner may give the written notice after agreeing to dispose of the land if
the notice also states—
(a) the matters mentioned in subsections (3) and (4)
; and
(b) that the buyer may act within 21 business days after receiving the
notice.
(6) If the buyer does not rescind the agreement within 21 business
days after receiving the notice, the buyer is taken to have waived their right
to rescind the agreement.
(7) Subsections (3) to (6) apply despite anything
to the contrary in the agreement.
