34Power of purchaser to rescind contract where house destroyed

34 Power of purchaser to rescind contract where house destroyed

S. 34(1) amended by Nos 35/1996 s. 453(Sch. 1 item 73.11), 75/2006 s. 192(Sch. 2 item 5.9) (as amended by No. 17/2007 s. 32(3)).

(1) Where a contract for the sale of land upon which there is a dwelling-house has been entered into, and where the dwelling-house is so destroyed or damaged as to be unfit for occupation as a dwelling-house, before the purchaser becomes entitled to possession or to the receipt of rents and profits he may, at his option, rescind the contract by notice in writing given to the vendor or his legal practitioner or conveyancer within fourteen days after the purchaser becomes aware of the destruction of or damage to the dwelling-house.

(2) Upon rescission of a contract for the sale of land pursuant to this section—

(a) any moneys paid by the purchaser shall be refunded to him;

(b) any documents of title or transfer shall be returned to the vendor; and

(c) the provisions of section 35 shall not apply and the vendor and any other person entitled to benefit from any insurance policy shall be entitled to do so to the same extent as they would have been if the land had not been subject to the contract.

(3) Any provision in any contract for the sale of land or other document whereby any provision of this section is excluded, modified or rescinded shall be void and of no effect.

S. 35