sec.425Termination of existing contract for sale of proposed lot—inaccuracy of disclosure statement

sec.425 Termination of existing contract for sale of proposed lot—inaccuracy of disclosure statement

This section applies if, immediately before the commencement— section 217(b)(viii) applied to a contract because information contained in the disclosure statement, as rectified by any further statement, was 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 217 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 217. s 425 ins 2013 No. 11 s 13 (sec.425-ssec.1) This section applies if, immediately before the commencement— section 217(b)(viii) applied to a contract because information contained in the disclosure statement, as rectified by any further statement, was 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 217 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.425-ssec.2) Despite the amendment of former section 213 by the amending Act, the buyer may terminate the contract under section 217.

• (a) section 217(b)(viii) applied to a contract because information contained in the disclosure statement, as rectified by any further statement, was 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 217 because the buyer would, as a result of the inaccuracy mentioned in paragraph (a), have been materially prejudiced if compelled to complete the contract.