10FInformation to be included in sunset clause

10F Information to be included in sunset clause

(1) Subject to subsection (2), a sunset clause in a residential off-the-plan contract must include a statement that—

(a) the vendor is required to give notice of a proposed rescission of the contract under the sunset clause; and

(b) the purchaser has the right to consent to the proposed rescission of the contract but is not obliged to consent; and

(c) the vendor has the right to apply to the Supreme Court for an order permitting the vendor to rescind the contract; and

(d) the Supreme Court may make an order permitting the rescission of the contract if satisfied that making the order is just and equitable in all the circumstances.

Penalty: For a natural person, 240 penalty units;

(2) Subsection (1) does not apply to a residential off-the-plan contract entered into before the date on which this section comes into operation.

S. 10G (Heading) amended by No. 16/2024 s. 62(1).

S. 10G inserted by No. 38/2023 s. 16.