sec.218Termination under this part

sec.218 Termination under this part

This section applies if a buyer terminates a contract under this part. The seller must, within 14 days after the termination, repay to the buyer— any amount paid to the seller or the seller’s agent towards the purchase of the lot; and any interest that accrued on the amount while it was held by the seller or the seller’s agent. However, if the amount or interest is held by an entity in a trust account kept as required under an Act, the requirement under subsection (2) applies subject to compliance with the law governing the entity’s trust account. An amount repayable under subsection (2) may be recovered as a debt. s 218 amd 2010 No. 30 s 18 sub 2014 No. 46 s 18 (sec.218-ssec.1) This section applies if a buyer terminates a contract under this part. (sec.218-ssec.2) The seller must, within 14 days after the termination, repay to the buyer— any amount paid to the seller or the seller’s agent towards the purchase of the lot; and any interest that accrued on the amount while it was held by the seller or the seller’s agent. (sec.218-ssec.3) However, if the amount or interest is held by an entity in a trust account kept as required under an Act, the requirement under subsection (2) applies subject to compliance with the law governing the entity’s trust account. (sec.218-ssec.4) An amount repayable under subsection (2) may be recovered as a debt.

• (a) any amount paid to the seller or the seller’s agent towards the purchase of the lot; and
• (b) any interest that accrued on the amount while it was held by the seller or the seller’s agent.