66XContract to contain statement regarding cooling off period

66X Contract to contain statement regarding cooling off period

66X Contract to contain statement regarding cooling off period

(1) A statement in the form prescribed by the regulations, relating to the cooling off period, is required to be included in every contract for the sale of residential property.

(2) If a contract does not contain the statement required under this section, the purchaser may serve a notice of rescission under section 66U, except that the notice may be served at any time before completion (whether or not the cooling off period has expired).

(3) On service of the notice, section 66V applies, except that the purchaser is not liable to the forfeiture provided for under that section.

(4) Service of the notice is ineffective if it is served after completion.

(5) This section does not apply where a certificate under section 66W has been given for the purposes of section 66S or 66T.

s 66X: Ins 1987 No 192, sec 3. Subst 1990 No 21, Sch 1 (3).