Thursday, December 3, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 1
Section 209

Terminating contract for inaccuracy of disclosure statement | Section 209

(1)The buyer may terminate the contract if—

(a)it has not already been settled; and

(b)at least 1 of the following applies—

(i)the disclosure statement is inaccurate, and the buyer would be materially prejudiced if compelled to complete the contract, given the disclosure statement’s inaccuracy, but only to the extent that the disclosure statement was inaccurate when the contract was entered into;

(ii)despite reasonable efforts by the buyer, the buyer has not been able to verify the information contained in the disclosure statement; and

(c)the termination is effected by written notice given to the seller—

(i)notifying the seller that the contract is terminated; and

(ii)if the buyer relies on paragraph (b)(ii) for terminating the contract—advising the seller of the efforts made by the buyer under the paragraph.

(2)The written notice mentioned in subsection (1)(c) must be given to the seller within 14 days, or a longer period agreed between the buyer and seller, after the buyer’s copy of the contract is received by the buyer or a person acting for the buyer.

(3)In a proceeding in which it is alleged that the buyer did not make reasonable efforts under subsection (1)(b)(ii), the onus is on the buyer to prove the buyer made reasonable efforts.

© 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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