Failure of developer to complete building development
26ZM Failure of developer to complete building development
A disclosure statement may be varied by:
(a) an agreement involving, as parties, the developer, the lot owners, persons who have contracted to buy a lot and persons with registered interests in the land; or
the Minister acting in accordance with this Division.
(2) If a developer fails, or expects or is expected to be unable, to complete a building development in accordance with the disclosure statement and an agreement under subsection (1)(a) cannot be reached, anyone who may be a party to that agreement may apply to the Minister for the disclosure statement to be varied.
The Minister may only allow the application:
(a) after consulting with those persons who will be affected by the variation; and
(b) if satisfied that it is not possible by agreement or legal process for the building development to be completed in an orderly way; and
(c) after considering advice from an arbitrator appointed under section 26ZN.
A variation of a disclosure statement under this section:
(a) is of no effect unless it is lodged with the Registrar-General; and
(b) is not to be registered by the Registrar-General unless the variation complies with the prescribed requirements, if any.
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