23Effect of notice of rescission of contract or option

#### 23 Effect of notice of rescission of contract or option 23 Effect of notice of rescission of contract or option > > (1) For the Act, sections 52A(6) and 66ZA(2), a notice of rescission served in accordance with section 22— > > > > > (a) rescinds a contract from the time the contract was made, and > > > > > (b) rescinds an option from the time the option was granted. > > > (2) If a contract for the sale of land is rescinded, the vendor must refund to the purchaser— > > > > > (a) the deposit, and > > > > > (b) any other money paid by the purchaser to the vendor under the contract. > > > (3) If an option is rescinded, the vendor must refund to the purchaser— > > > > > (a) any consideration paid in relation to the option, and > > > > > (b) any deposit paid in relation to the purchase of the property. > > > (4) The rescission of the contract or option does not render the vendor liable to pay to the purchaser, or the purchaser liable to pay to the vendor, damages, costs or expenses. > > > (5) However, subsection (4) does not affect a liability under the contract or option in relation to— > > > > > (a) the payment of damages, costs or expenses arising from a breach of a term or condition of the contract or option, or > > > > > (b) the payment of damages, costs or expenses arising from a breach of a warranty in the contract or option, other than a warranty prescribed by section 5 or 18, or > > > > > (c) an adjustment between the vendor and a purchaser who has taken possession of the land before completion of the contract or option, or > > > > > (d) the reimbursement of the purchaser for expenses incurred in complying with a requirement of an order, direction or notice in connection with the land. > > **s 23:** Am 2025 No 50, Sch 3\[3\].