sec.217 Terminating contract for inaccuracy of statement
The buyer may terminate the contract if—
it has not already been settled; and
at least 1 of the following applies—
the community management statement recorded for the scheme on its establishment or change is different from the proposed community management statement most recently advised to the buyer;
a community management statement, to which the recorded community management statement mentioned in subparagraph (i) is subject, is different from a proposed or existing community management statement previously advised to the buyer;
the community management statement most recently advised to the buyer is required under section 66 (1) (da) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;
the community management statement most recently advised to the buyer is required under section 66 (1) (db) (i) to state the contribution schedule principle on which the contribution schedule lot entitlements have been decided and does not include the statement;
the community management statement most recently advised to the buyer is required under section 66 (1) (db) (ii) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;
the community management statement most recently advised to the buyer is required under section 66 (1) (db) (iii) to include sufficient details about the relativity principle to show how individual contribution schedule lot entitlements were decided by using it (the details ) and does not include the details;
the community management statement most recently advised to the buyer is required under section 66 (1) (dc) (ii) to explain why the interest schedule lot entitlements do not reflect the respective market values of the lots included in the scheme and does not contain the explanation;
information disclosed in the disclosure statement, as rectified by any further statement, is inaccurate; and
because of a difference or inaccuracy under paragraph (b) , the buyer would be materially prejudiced if compelled to complete the contract; and
the termination is effected by written notice given to the seller by the buyer not later than the latest of the following—
3 days before the buyer is otherwise required to complete the contract;
14 days after the buyer is given notice that the scheme is established or changed;
another day agreed between the buyer and the seller.
s 217 amd 1997 No. 78 s 19 ; 2003 No. 6 s 68 ; 2005 No. 61 s 51 ; 2010 No. 30 s 17 ; 2011 No. 9 s 32
(a) it has not already been settled; and
(b) at least 1 of the following applies— (i) the community management statement recorded for the scheme on its establishment or change is different from the proposed community management statement most recently advised to the buyer; (ii) a community management statement, to which the recorded community management statement mentioned in subparagraph (i) is subject, is different from a proposed or existing community management statement previously advised to the buyer; (iii) the community management statement most recently advised to the buyer is required under section 66 (1) (da) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation; (iv) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (i) to state the contribution schedule principle on which the contribution schedule lot entitlements have been decided and does not include the statement; (v) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (ii) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation; (vi) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (iii) to include sufficient details about the relativity principle to show how individual contribution schedule lot entitlements were decided by using it (the details ) and does not include the details; (vii) the community management statement most recently advised to the buyer is required under section 66 (1) (dc) (ii) to explain why the interest schedule lot entitlements do not reflect the respective market values of the lots included in the scheme and does not contain the explanation; (viii) information disclosed in the disclosure statement, as rectified by any further statement, is inaccurate; and
(i) the community management statement recorded for the scheme on its establishment or change is different from the proposed community management statement most recently advised to the buyer;
(ii) a community management statement, to which the recorded community management statement mentioned in subparagraph (i) is subject, is different from a proposed or existing community management statement previously advised to the buyer;
(iii) the community management statement most recently advised to the buyer is required under section 66 (1) (da) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;
(iv) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (i) to state the contribution schedule principle on which the contribution schedule lot entitlements have been decided and does not include the statement;
(v) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (ii) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;
(vi) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (iii) to include sufficient details about the relativity principle to show how individual contribution schedule lot entitlements were decided by using it (the details ) and does not include the details;
(vii) the community management statement most recently advised to the buyer is required under section 66 (1) (dc) (ii) to explain why the interest schedule lot entitlements do not reflect the respective market values of the lots included in the scheme and does not contain the explanation;
(viii) information disclosed in the disclosure statement, as rectified by any further statement, is inaccurate; and
(c) because of a difference or inaccuracy under paragraph (b) , the buyer would be materially prejudiced if compelled to complete the contract; and
(d) the termination is effected by written notice given to the seller by the buyer not later than the latest of the following— (i) 3 days before the buyer is otherwise required to complete the contract; (ii) 14 days after the buyer is given notice that the scheme is established or changed; (iii) another day agreed between the buyer and the seller.
(i) 3 days before the buyer is otherwise required to complete the contract;
(ii) 14 days after the buyer is given notice that the scheme is established or changed;
(iii) another day agreed between the buyer and the seller.
(i) the community management statement recorded for the scheme on its establishment or change is different from the proposed community management statement most recently advised to the buyer;
(ii) a community management statement, to which the recorded community management statement mentioned in subparagraph (i) is subject, is different from a proposed or existing community management statement previously advised to the buyer;
(iii) the community management statement most recently advised to the buyer is required under section 66 (1) (da) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;
(iv) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (i) to state the contribution schedule principle on which the contribution schedule lot entitlements have been decided and does not include the statement;
(v) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (ii) to explain why the contribution schedule lot entitlements are not equal and does not contain the explanation;
(vi) the community management statement most recently advised to the buyer is required under section 66 (1) (db) (iii) to include sufficient details about the relativity principle to show how individual contribution schedule lot entitlements were decided by using it (the details ) and does not include the details;
(vii) the community management statement most recently advised to the buyer is required under section 66 (1) (dc) (ii) to explain why the interest schedule lot entitlements do not reflect the respective market values of the lots included in the scheme and does not contain the explanation;
(viii) information disclosed in the disclosure statement, as rectified by any further statement, is inaccurate; and
(i) 3 days before the buyer is otherwise required to complete the contract;
(ii) 14 days after the buyer is given notice that the scheme is established or changed;
(iii) another day agreed between the buyer and the seller.