Tuesday, September 29, 2020

Body Corporate And Community Management Act 1997

Chapter 5
Part 2
Division 5
Section 218

Termination under this part | Section 218

(1)This section applies if a buyer terminates a contract under this part.

(2)The seller must, within 14 days after the termination, repay to the buyer—

(a)any amount paid to the seller or the seller’s agent towards the purchase of the lot; and

(b)any interest that accrued on the amount while it was held by the seller or the seller’s agent.

(3)However, if the amount or interest is held by an entity in a trust account kept as required under an Act, the requirement under subsection (2) applies subject to compliance with the law governing the entity’s trust account.

(4)An amount repayable under subsection (2) may be recovered as a debt.

© 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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