Notice binding on purchaser
65 Notice binding on purchaser
This section applies if land or works subject to an undischarged coastal protection or tidal works notice are sold.
The seller must give the buyer written advice of the undischarged notice not less than 14 days before settlement of the sale.
However, if settlement of the sale is made less than 14 days after the agreement to sell is made, the seller must give the buyer written advice of the undischarged notice on the day the agreement is made.
Maximum penalty for subsections (2) and (3)—150 penalty units.
If the seller complies with subsection (2) or (3), the buyer is bound by the undischarged notice as if it had been given to the buyer.
If the seller does not comply with subsection (2) or (3), the agreement is of no effect unless the buyer—
by written advice given to the seller before settlement, states the intention to settle despite the non-compliance; or
by written advice given to the seller within 30 days after settlement, affirms the sale despite the non-compliance.
This Act’s bill:Explanatory memorandum
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