Terminating contract if not settled within particular period | Section 217B

(1)This section applies if, other than because of the buyer’s default, the seller has not settled the contract for the sale of the proposed lot before—

(a)if the contract provides for a date by which it must be settled (the sunset date), the earlier of the following—

(i)the sunset date or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date;

(ii)the end of 5¹/₂ years after the day the contract was entered into by the buyer or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date; or

(b)otherwise—the end of 3¹/₂ years after the day the contract was entered into by the buyer or, if the buyer requests a later date for settlement and the seller agrees to the date, the later date.

Note—

See section 441 for the particular circumstances in which the period prescribed in subsection (1)(b) is changed.

(2)The buyer may terminate the contract for the sale of the proposed lot by a signed written notice of termination given to the seller before the contract is settled.