(1)Section 217B applies only in relation to a contract for the sale of a proposed lot entered into by a buyer after the commencement.
(2)However, section 217B as modified under subsection (3) applies in relation to the contract for the sale of the proposed lot if—
(a)the proposed lot is a proposed lot mentioned in the Land Sales Regulation 2000, schedule 2 as in force immediately before the repeal of that regulation; and
Under old LSA, section 28, a period could be prescribed by regulation for giving a registrable instrument for a proposed lot.
(b)the contract does not provide the date by which it must be settled.
(3)Section 217B is modified by omitting subsection (1)(b) and inserting the following—
‘(b)if the contract does not provide the date by which it must be settled—the end of the period prescribed in the repealed Land Sales Regulation 2000, schedule 2, worked out from the day the contract was entered into.’
(4)In this section—