sec.424Termination of existing contract for sale of proposed lot—variation of information in disclosure statement

sec.424 Termination of existing contract for sale of proposed lot—variation of information in disclosure statement

This section applies if, immediately before the commencement— section 214(1)(a) or (b) applied to a contract because the information contained in the disclosure statement was, as at the day the contract was entered into or immediately before the commencement, inaccurate in relation to a matter mentioned in former section 213(2)(a)(ii), (iii) or (iv); and the buyer may have terminated the contract under section 214 because the buyer would, as a result of the inaccuracy mentioned in paragraph (a), have been materially prejudiced if compelled to complete the contract. Despite the amendment of former section 213 by the amending Act, the buyer may terminate the contract under section 214. To remove any doubt, it is declared that a disclosure statement given under former section 213(1) is not inaccurate under section 214(1)(b) only because it contains information in relation to a matter mentioned in former section 213(2)(a)(ii), (iii) or (iv). s 424 ins 2013 No. 11 s 13 (sec.424-ssec.1) This section applies if, immediately before the commencement— section 214(1)(a) or (b) applied to a contract because the information contained in the disclosure statement was, as at the day the contract was entered into or immediately before the commencement, inaccurate in relation to a matter mentioned in former section 213(2)(a)(ii), (iii) or (iv); and the buyer may have terminated the contract under section 214 because the buyer would, as a result of the inaccuracy mentioned in paragraph (a), have been materially prejudiced if compelled to complete the contract. (sec.424-ssec.2) Despite the amendment of former section 213 by the amending Act, the buyer may terminate the contract under section 214. (sec.424-ssec.3) To remove any doubt, it is declared that a disclosure statement given under former section 213(1) is not inaccurate under section 214(1)(b) only because it contains information in relation to a matter mentioned in former section 213(2)(a)(ii), (iii) or (iv).

• (a) section 214(1)(a) or (b) applied to a contract because the information contained in the disclosure statement was, as at the day the contract was entered into or immediately before the commencement, inaccurate in relation to a matter mentioned in former section 213(2)(a)(ii), (iii) or (iv); and
• (b) the buyer may have terminated the contract under section 214 because the buyer would, as a result of the inaccuracy mentioned in paragraph (a), have been materially prejudiced if compelled to complete the contract.