Monday, September 28, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 3
Section 212B

Application of div 3 if option granted | Section 212B

(1)Section 213, as modified by this section, applies if a person grants an option (the option) to another person—

(a)to purchase a proposed lot; or

(b)to sell a proposed lot.

(2)For subsection (1)—

(a)section 213(1) requires the giving of a disclosure statement in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and

(b)any right of termination under section 213 relating to the disclosure statement applies in relation to—

(i)the option; and

(ii)a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option.

(3)If the seller and buyer enter into a contract for the sale to the buyer of the proposed lot arising from the option, section 213(1) does not require the giving of a disclosure statement in relation to the contract for the sale.

(4)If the buyer is not a party to the contract for the sale of the proposed lot arising from the option, the seller must comply with section 213 before entering into the contract for the sale.

(5)In this section—

buyer means the person who is granted an option to purchase, or grants an option to sell, the proposed lot.

seller means the person who grants an option to purchase, or is granted an option to sell, the proposed lot.

© Sourced from the Queensland Legislation website at 1 April 2020. For the latest information on Queensland Government legislation please go to https://www.legislation.qld.gov.au.

Disclaimer: Reproduced from the Body Corporate and Community Management Act 1997. This website does not give legal advice or other professional advice. You should seek legal or other professional advice before acting and not rely on any of the content on this website.

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