10BPower of vendor to rescind a residential off-the-plan contract under sunset clause

10B Power of vendor to rescind a residential off-the-plan contract under sunset clause

(1) A vendor must not rescind a residential off‑the-plan contract under a sunset clause in that contract except as provided for in this Division.

(2) Subject to subsection (3), a vendor may rescind a residential off-the-plan contract under a sunset clause if—

(a) the relevant plan of subdivision has not been registered by the sunset date; or

(b) an occupancy permit has not been issued by the sunset date.

(3) Before rescinding a residential off-the-plan contract under a sunset clause, the vendor must obtain the written consent of each purchaser to the rescission after giving each purchaser, at least 28 days before the proposed rescission, written notice setting out—

(a) the reason why the vendor is proposing to rescind the contract; and

(b) the reason for the delay in the registration of the plan of subdivision or the issuing of the occupancy permit; and

(c) that the purchaser is not obliged to consent to the proposed rescission.

S. 10C inserted by No. 14/2019 s. 12(1), amended by No. 14/2019 s. 12(3).