Friday, September 25, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 3
Section 217

Terminating contract for inaccuracy of statement | Section 217

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 community management statement recorded for the scheme on its establishment or change is different from the proposed community management statement most recently advised to the buyer;

(ii)a community management statement, to which the recorded community management statement mentioned in subparagraph (i) is subject, is different from a proposed or existing community management statement previously advised to the buyer;

(iii)the community management statement most recently advised to the buyer is required under section 66(1)(da) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;

(iv)the community management statement most recently advised to the buyer is required under section 66(1)(db)(i) to state the contribution schedule principle on which the contribution schedule lot entitlements have been decided and does not include the statement;

(v)the community management statement most recently advised to the buyer is required under section 66(1)(db)(ii) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;

(vi)the community management statement most recently advised to the buyer is required under section 66(1)(db)(iii) to include sufficient details about the relativity principle to show how individual contribution schedule lot entitlements were decided by using it (the details) and does not include the details;

(vii)the community management statement most recently advised to the buyer is required under section 66(1)(dc)(ii) to explain why the interest schedule lot entitlements do not reflect the respective market values of the lots included in the scheme and does not contain the explanation;

(viii)information disclosed in the disclosure statement, as rectified by any further statement, is inaccurate; and

(c)because of a difference or inaccuracy under paragraph (b), the buyer would be materially prejudiced if compelled to complete the contract; and

(d)the termination is effected by written notice given to the seller by the buyer not later than the latest of the following—

(i)3 days before the buyer is otherwise required to complete the contract;

(ii)14 days after the buyer is given notice that the scheme is established or changed;

(iii)another day agreed between the buyer and the seller.

© 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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