16Implied undertakings in instalment contracts for sale of lots comprised in primary applications

16 Implied undertakings in instalment contracts for sale of lots comprised in primary applications

16 Implied undertakings in instalment contracts for sale of lots comprised in primary applications

(1) An instalment contract for the sale of a lot comprised in a primary application shall be deemed to include undertakings by the vendor—

(a) promptly to notify the purchaser and the trustee of all requirements made by the Registrar-General in respect of such application,

(b) to supply from time to time as required by the purchaser information as to the progress of such application, and

(c) promptly to attend to all matters reasonably necessary to procure the creation of a folio of the Register kept under the Real Property Act 1900.

(2) In respect of any such primary application—

(a) all requirements made by the Registrar-General shall be deemed to be requisitions which the purchaser is entitled to make on the vendor and has made within the time limited by the instalment contract for making requisitions, and

(b) if the vendor fails to satisfy such requirements within a reasonable time after being notified thereof by the Registrar-General the purchaser shall be entitled to exercise all remedies (including the right to make time of the essence of the contract) conferred by law on purchasers against vendors unable or unwilling to comply with or remove any requisition or objection.

(3) This section shall have effect notwithstanding any stipulation in the instalment contract.

s 16: Am 1979 No 164, Sch 22; 2021 No 10, Sch 3.16[3].