Tuesday, September 29, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 4
Section 217A

Terminating contract if lot entitlements inconsistent with deciding principle | Section 217A

(1)This section applies if—

(a)the seller is intended to be the original owner for the scheme when it is established; and

(b)the buyer reasonably believes either—

(i)the proposed contribution schedule lot entitlements for the lots proposed to be included in the scheme are inconsistent with the contribution schedule principle on which they are proposed to be decided; or

(ii)the proposed interest schedule lot entitlements for the lots proposed to be included in the scheme are inconsistent with the market value principle; and

(c)the buyer reasonably believes the buyer would be materially prejudiced if compelled to complete the contract.

(2)Subject to subsection (3), the buyer may terminate the contract at any time before it settles by giving signed, dated notice of termination to the seller.

(3)The termination must happen not later than 30 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.

(4)The notice of termination must state that the contract is terminated under this section.

© 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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