Proposed lot contract
163 Proposed lot contract
This section applies to a contract for the sale and purchase of a lot in a strata titles scheme entered into before the lot is created on registration of the scheme or an amendment of the scheme.
A contract to which this section applies must —
require any deposit or other amount payable by the buyer prior to registration of the strata titles scheme or amendment of the strata titles scheme to be paid by the buyer to a legal practitioner, real estate agent or settlement agent to be held on trust for the buyer until the scheme is registered; and
specify the practitioner or agent to whom payment is to be made by the buyer and how the payment may be made.
The buyer may, at any time before registration of the strata titles scheme or amendment of the strata titles scheme, avoid a contract to which this section applies if —
the contract does not comply with subsection (2); or
the scheme or amendment is not registered —
within a period after the date of the contract agreed in writing by the buyer and seller; or
in the absence of such an agreement, within 6 months after that date.
In this section —
date of the contract means the day on which the contract was signed or, if the parties signed it on different days, the last of those days;
real estate agent means a person licensed as a real estate agent under the Real Estate and Business Agents Act 1978;
settlement agent means a person licensed as a settlement agent under the Settlement Agents Act 1981.
[Section 163 inserted: No. 30 of 2018 s. 83; amended: No. 9 of 2022 s. 407.]
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