66ZHOption to contain statement regarding cooling off period

66ZH Option to contain statement regarding cooling off period

66ZH Option 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 option.

(2) If an option does not contain the statement required under this section, 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.

(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.

(6) This section does not apply where a certificate under section 66ZF has been given for the purposes of section 66ZB or 66ZC.

s 66ZH: Ins 1990 No 21, Sch 1 (3). Am 2025 No 50, Sch 1[9].