sec.104Buyer may terminate contract if seller fails to disclose or makes inaccurate disclosure

### sec.104 Buyer may terminate contract if seller fails to disclose or makes inaccurate disclosure This section applies if— the seller of a lot fails to give the buyer of the lot a disclosure statement for, or prescribed certificate applicable to, the lot before the contract for the sale of the lot is signed by the buyer of the lot; or the seller of a lot gives the buyer of the lot a disclosure statement for, or prescribed certificate applicable to, the lot before the contract for the sale of the lot is signed by the buyer of the lot and all of the following apply— the statement or certificate is inaccurate or incomplete in relation to a material matter affecting the lot at the time it is given to the buyer; at the time the contract is signed by the buyer, the buyer is not aware of the correct state of affairs concerning the matter; if the buyer had been aware of the correct state of affairs concerning the matter, the buyer would not have signed the contract. The buyer of the lot may terminate the contract for the sale of the lot by giving a notice (a termination notice ) to the seller terminating the contract. The termination notice may be given at any time before settlement of the contract for the sale of the lot. However, subsection (2) does not apply if— the seller’s failure to give the disclosure statement or prescribed certificate, or the giving of the inaccurate or incomplete statement or certificate, is also a failure to comply with another Act; and the other Act provides a consequence to the seller for the failure, or for the giving of the inaccurate or incomplete statement or certificate, including, for example, a remedy to the buyer. a requirement for the seller to remedy the failure or the inaccurate or incomplete statement or certificate the contract of sale is of no effect the buyer may terminate the contract of sale the seller is taken to have given the buyer a contractual warranty about a particular matter For subsection (4) (b) , the other Act is taken not to provide a consequence to the seller for the failure, or for the giving of the inaccurate or incomplete statement or certificate, only because the failure, or the giving of the inaccurate or incomplete statement or certificate, is an offence under that Act. In this section— material matter , affecting a lot, does not include a matter prescribed by regulation not to be a material matter for this section. (sec.104-ssec.1) This section applies if— the seller of a lot fails to give the buyer of the lot a disclosure statement for, or prescribed certificate applicable to, the lot before the contract for the sale of the lot is signed by the buyer of the lot; or the seller of a lot gives the buyer of the lot a disclosure statement for, or prescribed certificate applicable to, the lot before the contract for the sale of the lot is signed by the buyer of the lot and all of the following apply— the statement or certificate is inaccurate or incomplete in relation to a material matter affecting the lot at the time it is given to the buyer; at the time the contract is signed by the buyer, the buyer is not aware of the correct state of affairs concerning the matter; if the buyer had been aware of the correct state of affairs concerning the matter, the buyer would not have signed the contract. (sec.104-ssec.2) The buyer of the lot may terminate the contract for the sale of the lot by giving a notice (a termination notice ) to the seller terminating the contract. (sec.104-ssec.3) The termination notice may be given at any time before settlement of the contract for the sale of the lot. (sec.104-ssec.4) However, subsection (2) does not apply if— the seller’s failure to give the disclosure statement or prescribed certificate, or the giving of the inaccurate or incomplete statement or certificate, is also a failure to comply with another Act; and the other Act provides a consequence to the seller for the failure, or for the giving of the inaccurate or incomplete statement or certificate, including, for example, a remedy to the buyer. a requirement for the seller to remedy the failure or the inaccurate or incomplete statement or certificate the contract of sale is of no effect the buyer may terminate the contract of sale the seller is taken to have given the buyer a contractual warranty about a particular matter (sec.104-ssec.5) For subsection (4) (b) , the other Act is taken not to provide a consequence to the seller for the failure, or for the giving of the inaccurate or incomplete statement or certificate, only because the failure, or the giving of the inaccurate or incomplete statement or certificate, is an offence under that Act. (sec.104-ssec.6) In this section— material matter , affecting a lot, does not include a matter prescribed by regulation not to be a material matter for this section. - (a) the seller of a lot fails to give the buyer of the lot a disclosure statement for, or prescribed certificate applicable to, the lot before the contract for the sale of the lot is signed by the buyer of the lot; or - (b) the seller of a lot gives the buyer of the lot a disclosure statement for, or prescribed certificate applicable to, the lot before the contract for the sale of the lot is signed by the buyer of the lot and all of the following apply— (i) the statement or certificate is inaccurate or incomplete in relation to a material matter affecting the lot at the time it is given to the buyer; (ii) at the time the contract is signed by the buyer, the buyer is not aware of the correct state of affairs concerning the matter; (iii) if the buyer had been aware of the correct state of affairs concerning the matter, the buyer would not have signed the contract. - (i) the statement or certificate is inaccurate or incomplete in relation to a material matter affecting the lot at the time it is given to the buyer; - (ii) at the time the contract is signed by the buyer, the buyer is not aware of the correct state of affairs concerning the matter; - (iii) if the buyer had been aware of the correct state of affairs concerning the matter, the buyer would not have signed the contract. - (i) the statement or certificate is inaccurate or incomplete in relation to a material matter affecting the lot at the time it is given to the buyer; - (ii) at the time the contract is signed by the buyer, the buyer is not aware of the correct state of affairs concerning the matter; - (iii) if the buyer had been aware of the correct state of affairs concerning the matter, the buyer would not have signed the contract. - (a) the seller’s failure to give the disclosure statement or prescribed certificate, or the giving of the inaccurate or incomplete statement or certificate, is also a failure to comply with another Act; and - (b) the other Act provides a consequence to the seller for the failure, or for the giving of the inaccurate or incomplete statement or certificate, including, for example, a remedy to the buyer. Example of a consequence to the seller— 1 a requirement for the seller to remedy the failure or the inaccurate or incomplete statement or certificate Examples of a remedy to the buyer— 1 the contract of sale is of no effect 2 the buyer may terminate the contract of sale 3 the seller is taken to have given the buyer a contractual warranty about a particular matter - 1 a requirement for the seller to remedy the failure or the inaccurate or incomplete statement or certificate - 1 the contract of sale is of no effect - 2 the buyer may terminate the contract of sale - 3 the seller is taken to have given the buyer a contractual warranty about a particular matter - 1 a requirement for the seller to remedy the failure or the inaccurate or incomplete statement or certificate - 1 the contract of sale is of no effect - 2 the buyer may terminate the contract of sale - 3 the seller is taken to have given the buyer a contractual warranty about a particular matter