22Method of rescinding contract or option

22 Method of rescinding contract or option

22 Method of rescinding contract or option

(1) For the Act, sections 52A(6) and 66ZA(2), a purchaser may rescind a contract or option under section 21 by written notice served on the vendor—

(a) for a contract—

(i) if the purchaser’s right to rescind arises from the vendor’s failure to attach the prescribed documents or a disclosure statement—within 14 days after the contract is made, unless the contract has been completed, or

(ii) if the purchaser’s right to rescind arises from the vendor’s breach of warranty prescribed under the Act, section 52A(2)(b)—before the contract is completed, or

(b) for an option—before the earlier of the following—

(i) the option is exercised, or

(ii) the option ceases to be exercisable.

(2) Service of the written notice may be effected in accordance with—

(a) the Act, section 170, or

(b) the service provisions in the contract or option.