66VConsequences of rescission

#### 66V Consequences of rescission 66V Consequences of rescission > > (1) On service of an effective notice of rescission in accordance with section 66U in relation to a contract for the sale of residential property, the contract is to be taken to be rescinded ab initio, but subject to the rights and obligations conferred by this section. > > > (2) The purchaser forfeits 0.25 per cent of the purchase price of the property to the vendor. > > > (3) The amount forfeited may be recovered from any deposit paid under the contract. > > > (4) If the deposit is insufficient, the balance of any amount forfeited may be recovered from the purchaser as a debt in any court of competent jurisdiction. > > > (5) The balance of the deposit remaining after deduction of any amount forfeited is payable to the purchaser. > > > (6) Subject to subsection (7), neither the vendor nor the purchaser is liable to pay any other sum for damages, costs or expenses. > > > (7) Either party is entitled to make a claim for— > > > > > (a) such compensation, adjustment or accounting as is just and equitable between the vendor and purchaser where the purchaser has received the benefit of possession of the property, or > > > > > (b) the payment of damages, costs or expenses arising out of a breach of any term, condition or warranty contained or implied in the contract (other than a term, condition or warranty referred to in section 52A), > > > > but not so as to affect rights and obligations arising under this Division. > > > (8) The vendor may agree to waive any rights regarding forfeiture under this section. > > > (9) Duty ceases to be payable on a contract rescinded under this Division, and any duty already paid on it is refundable under the [Duties Act 1997](/view/html/inforce/current/act-1997-123). > > > (10) In this section, deposit includes any amount paid by the purchaser in relation to the contract or on account of the purchase price of residential property. > > **s 66V:** Ins 1987 No 192, sec 3. Subst 1990 No 21, Sch 1 (3). Am 2013 No 47, Sch 1.10 \[1\].