265Rescission of contract for sale of unit

265 Rescission of contract for sale of unit (1) The buyer of a unit may, by written notice given to the seller, rescind the contract for the sale of the unit if— (a) in relation to the implied warranty mentioned in section 264 (3)— (i) there would be a breach of the implied warranty were the contract completed at the time it is rescinded; and (ii) the buyer is significantly prejudiced by the breach; or (b) in relation to any other implied warranty—there would be a breach of the implied warranty were the contract completed at the time it is rescinded. Implied warranties Division 2.9.3 (2) A written notice under subsection (1) must be given to the seller— (a) for an off-the-plan contract— (i) for a breach of an implied warranty mentioned in section 264 (3)—at any time before the buyer is required to complete the contract; or (ii) in any other case—not later than 3 days before the buyer is required to complete the contract; or (b) in any other case—not longer than 14 days after the later of the following happens: (i) the buyer and seller exchange contracts; (ii) another period agreed between the buyer and seller ends. (3) However, the buyer may not rescind the contract under this section only because of the breach of an implied warranty related to an amendment to the development statement that is an excluded change.