65Procedure following rescission

#### 65 Procedure following rescission 65 Procedure following rescission > > (1) If a contract for the sale of residential property or an option for the purchase of residential property is rescinded under Division 8 or 9 of Part 4 of the [Conveyancing Act 1919](/view/html/inforce/current/act-1919-006), a real estate agent who holds money paid by the purchaser by way of deposit under or in relation to the contract or the proposed contract attached to the option is authorised to deal with that money as provided by this section. > > > (2) The real estate agent is authorised to pay to the vendor so much of the money as does not exceed the amount (if any) forfeited under section 66V or 66ZE of that Act, and receipt by the real estate agent of the original or a copy of an effective notice of rescission served by the purchaser under section 66U or 66ZD of that Act is sufficient authority for the real estate agent to make the payment to the vendor. > > > (3) The regulations may make provision for or with respect to authorising the real estate agent to pay to the purchaser the balance of the money. > > > (4) In this section— > > > > deposit includes any amount paid by the purchaser in relation to the contract or the proposed contract attached to the option or on account of the purchase price of residential property. > > > > purchaser includes a prospective purchaser and a grantee or prospective grantee of an option.