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Conveyancing Act 1919 No 6
Current version for 1 December 2019 to date (accessed 6 August 2020 at 02:05)
66ZI Annexure of proposed contract for sale of land
(1) If an option to purchase residential property is granted and the required documents are not attached to the option document at the time it is granted, either party may serve a written notice to the effect that the party rescinds the option or (if the option has been exercised) the contract resulting from the exercise of the option.(2) For the purposes of this section, the required documents are—(a) a copy of the proposed contract for the sale of the property (excluding particulars of the purchaser, but including particulars of the purchase price), and(b) the documents required by section 52A to be attached to the contract before signature by the purchaser.(3) On service of an effective notice of rescission under this section, section 66ZE or (if relevant) section 66V applies, except that—(a) the purchaser is not liable to the forfeiture provided for under those sections, and(b) those sections have effect as if they both provided that the whole of the consideration paid in relation to the option and the whole of any deposit paid in relation to the purchase of the property are payable to the purchaser.(4) The notice may be served at any time during the period commencing when the option was granted and ending when the option is exercised or ceases to be exercisable or (if relevant) during the period commencing when the option is exercised and ending at 5 pm on the fifth business day after the day when the option is exercised.(5) The notice is ineffective if served after completion of the resulting contract.