Tuesday, September 29, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 3

Termination for breach of warranty | Section 224

(1)The buyer may, by written notice given to the seller, terminate the contract if there would be a breach of a warranty established under this part were the contract to be completed at the time it is in fact terminated.

(2)A notice under subsection (1) must be given—

(a)if the lot is a proposed lot—not later than 3 days before the buyer is otherwise required to complete the contract; or

(b)if paragraph (a) does not apply—within 14 days after the later of the following happen—

(i)the buyer’s copy of the contract is received by the buyer or a person acting for the buyer;

(ii)another period agreed between the buyer and the seller ends.

(3)If the buyer terminates the contract, the seller must repay to the buyer any amount paid to the seller (including the seller’s agent) towards the purchase of the lot the subject of the contract within 14 days after the termination.

© 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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