29EMistakes or mis-statements as to description

29E Mistakes or mis-statements as to description

(1) A failure to comply with section 29B in respect of land agreed to be sold under a terms contract because of a mistake or mis‑statement in the contract relating to the description, measurement or area of the land agreed to be sold is to be disregarded for the purposes of this Act unless
it is a material mistake or mis-statement.

(2) Any dispute as to whether a failure is to be disregarded under subsection (1) may be determined by an arbitrator.

(3) In this section material mistake or mis‑statement means a mistake or mis‑statement that would entitle the purchaser to be discharged from the contract irrespective of the provisions of this Act.

S. 29EA inserted by No. 14/2019 s. 20.

29EA Additional prohibited terms contracts

A person must not knowingly sell any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

S. 29EB inserted by No. 14/2019 s. 20.

29EB Offence to arrange, broker or induce certain terms contracts

(1) A person must not knowingly arrange or broker the sale of any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

(2) A person must not knowingly induce another person to enter into a sale of any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

S. 29EC inserted by No. 14/2019 s. 20.

29EC Offence to advertise certain terms contracts

A person must not knowingly advertise the sale of any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

Penalty: For a natural person, 120 penalty units;

For a body corporate, 500 penalty units.

S. 29F inserted by No. 6/2008 s. 33.