PROPERTY LAW ACT 1974 - SECT 64
Right to rescind on destruction of or damage to dwelling house
PROPERTY LAW ACT 1974 - SECT 64
Right to rescind on destruction of or damage to dwelling house
64 Right to rescind on destruction of or damage to dwelling house
(1) In any contract for the sale of a dwelling house where, before the date of
completion or possession whichever earlier occurs, the dwelling house is so
destroyed or damaged as to be unfit for occupation as a dwelling house, the
purchaser may, at the purchaser’s option, rescind the contract by notice in
writing given to the vendor or the vendor’s solicitor not later than the
date of completion or possession whichever the earlier occurs.
(2) Upon
rescission of a contract under this section, any money paid by the purchaser
shall be refunded to the purchaser and any documents of title or transfer
returned to the vendor who alone shall be entitled to the benefit of any
insurance policy relating to such destruction or damage subject to the rights
of any person entitled to the insurance policy because of an encumbrance over
or in respect of the land.
(3) In this section—
"sale of a dwelling house" means the sale of improved land the improvements on
which consist wholly or substantially of a dwelling house or the sale of a lot
on a building units plan within the meaning of the
Building Units and Group Titles Act 1980or the sale of a lot included in a
community titles scheme under the
Body Corporate and Community Management Act 1997if the lot—
(a) wholly or
substantially, consists of a dwelling; and