sec.9Application of div 2 if option granted

### sec.9 Application of div 2 if option granted Section 10 , as modified by this section, applies if a person grants an option (the option ) to another person— to purchase a proposed lot; or to sell a proposed lot. For subsection (1) — section 10 (1) requires the seller to give the documents mentioned in section 10 (1) (a) or (b) to the buyer in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and any right of termination under section 10 relating to the giving of the documents applies in relation to— the option; and a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option. If the seller and buyer enter into a contract for the sale to the buyer of the proposed lot arising from the option, section 10 (1) does not require the seller to give the documents to the buyer. If the buyer is not a party to the contract for the sale of the proposed lot arising from the option, the seller must comply with section 10 before entering into the contract for the sale. In this section— buyer means the person who is granted an option to purchase, or grants an option to sell, the proposed lot. seller means the person who grants an option to purchase, or is granted an option to sell, the proposed lot. s 9 amd 1985 No. 105 s 7 ; 1997 No. 40 s 11 ; 1999 No. 63 s 72 ; 2003 No. 64 s 124 ; 2003 No. 70 s 206 sch 2 ; 2005 No. 14 s 2 sch ; 2009 No. 36 s 872 sch 2 ; 2011 No. 44 s 13 ; 2012 No. 43 s 221 sch 1 sub 2014 No. 46 s 43 (sec.9-ssec.1) Section 10 , as modified by this section, applies if a person grants an option (the option ) to another person— to purchase a proposed lot; or to sell a proposed lot. (sec.9-ssec.2) For subsection (1) — section 10 (1) requires the seller to give the documents mentioned in section 10 (1) (a) or (b) to the buyer in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and any right of termination under section 10 relating to the giving of the documents applies in relation to— the option; and a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option. (sec.9-ssec.3) If the seller and buyer enter into a contract for the sale to the buyer of the proposed lot arising from the option, section 10 (1) does not require the seller to give the documents to the buyer. (sec.9-ssec.4) If the buyer is not a party to the contract for the sale of the proposed lot arising from the option, the seller must comply with section 10 before entering into the contract for the sale. (sec.9-ssec.5) In this section— buyer means the person who is granted an option to purchase, or grants an option to sell, the proposed lot. seller means the person who grants an option to purchase, or is granted an option to sell, the proposed lot. - (a) to purchase a proposed lot; or - (b) to sell a proposed lot. - (a) section 10 (1) requires the seller to give the documents mentioned in section 10 (1) (a) or (b) to the buyer in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and - (b) any right of termination under section 10 relating to the giving of the documents applies in relation to— (i) the option; and (ii) a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option. - (i) the option; and - (ii) a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option. - (i) the option; and - (ii) a contract entered into by the seller and buyer for the sale to the buyer of the proposed lot arising from the option.