10EVendor may obtain order of Supreme Court to rescind

10E Vendor may obtain order of Supreme Court to rescind

(1) A vendor under a residential off-the-plan contract that contains a sunset clause may apply to the Supreme Court for an order permitting the vendor to rescind the contract under the sunset clause.

(2) On the application of a vendor under subsection (1), the Supreme Court may make an order permitting the vendor to rescind the residential off-the-plan contract if the Court is satisfied that making the order is just and equitable in all the circumstances.

(3) In determining whether to make an order under subsection (2), the Supreme Court must have regard to—

(a) the terms of the residential off-the-plan contract; and

(b) whether the vendor has acted unreasonably or in bad faith; and

(c) the reason for the delay in registering the relevant plan of subdivision or in an occupancy permit being issued; and

(d) the likely date on which the relevant plan of subdivision will be registered or the occupancy permit will be issued; and

(e) whether the lot that is the subject of the residential off-the-plan contract has increased in value; and

(f) the effect of the rescission on each purchaser; and

(g) any other matter that the Court considers to be relevant; and

(h) any other prescribed matter.

(4) If the Supreme Court makes an order under subsection (2), the Court may make any other order it considers just and equitable in all the circumstances, including an order for reasonable compensation of the purchaser.

(5) The vendor is liable to pay the costs of a purchaser in relation to the proceeding for an order under this section unless the vendor satisfies the Supreme Court that the purchaser unreasonably withheld consent to the rescission of the residential off-the-plan contract under the sunset clause.

S. 10F inserted by No. 14/2019 s. 13.