sec.160Contracts this part applies to

### sec.160 Contracts this part applies to This part applies to a contract, including a contract granting an option to purchase (a relevant contract )— for the sale of residential property; but does not include— a contract formed on a sale by auction; or a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or a contract (a later contract ) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or a contract if the buyer is the State or a statutory body; or a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract. This part also applies to any other contract prescribed under a regulation (also a relevant contract ). In this section— formed on a sale by auction means formed on sale by auction— directly on the fall of the hammer, by outcry; or directly at the end of another similar type of competition for purchase. A contract for the sale of property is formed on a sale by auction when the auctioneer declares the property sold on the fall of the hammer. A contract for the sale of property is not formed on a sale by auction when the property is passed in at auction and a bidder subsequently negotiates and purchases the property. A contract for the sale of property is not formed on a sale by auction when the contract arises directly out of a sale by tender process. (sec.160-ssec.1) This part applies to a contract, including a contract granting an option to purchase (a relevant contract )— for the sale of residential property; but does not include— a contract formed on a sale by auction; or a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or a contract (a later contract ) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or a contract if the buyer is the State or a statutory body; or a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract. (sec.160-ssec.2) This part also applies to any other contract prescribed under a regulation (also a relevant contract ). (sec.160-ssec.3) In this section— formed on a sale by auction means formed on sale by auction— directly on the fall of the hammer, by outcry; or directly at the end of another similar type of competition for purchase. A contract for the sale of property is formed on a sale by auction when the auctioneer declares the property sold on the fall of the hammer. A contract for the sale of property is not formed on a sale by auction when the property is passed in at auction and a bidder subsequently negotiates and purchases the property. A contract for the sale of property is not formed on a sale by auction when the contract arises directly out of a sale by tender process. - (a) for the sale of residential property; but - (b) does not include— (i) a contract formed on a sale by auction; or (ii) a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or (iii) a contract (a later contract ) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or (iv) a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or (v) a contract if the buyer is the State or a statutory body; or (vi) a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract. - (i) a contract formed on a sale by auction; or - (ii) a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or - (iii) a contract (a later contract ) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or - (iv) a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or - (v) a contract if the buyer is the State or a statutory body; or - (vi) a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract. - (i) a contract formed on a sale by auction; or - (ii) a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or - (iii) a contract (a later contract ) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or - (iv) a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or - (v) a contract if the buyer is the State or a statutory body; or - (vi) a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract. - (a) directly on the fall of the hammer, by outcry; or - (b) directly at the end of another similar type of competition for purchase. - 1 A contract for the sale of property is formed on a sale by auction when the auctioneer declares the property sold on the fall of the hammer. - 2 A contract for the sale of property is not formed on a sale by auction when the property is passed in at auction and a bidder subsequently negotiates and purchases the property. - 3 A contract for the sale of property is not formed on a sale by auction when the contract arises directly out of a sale by tender process.