48Cancellation of contract

48 Cancellation of contract (1) The buyer may cancel the contract if: (a) the contract has not been completed; and (b) the buyer is substantially prejudiced in any of the following circumstances: (i) the seller contravenes section 45(1) or (2)(d), (e) or (g); (ii) a disclosure statement for the unit contains inaccurate or incomplete information, or information that is out of date (whether or not the disclosure statement is currently in force under section 45(3)); (iii) there is a breach of the warranty in section 47. (2) The buyer must cancel the contract by written notice given to the seller before the date of the completion of the contract and within 10 working days: (a) after the buyer becomes aware of the circumstances mentioned in subsection (1)(b); or (b) if the cancellation relates to a replacement statement mentioned in section 46(2) – after the buyer is given the replacement statement. (3) If the contract is cancelled under this section, the seller must repay any amount the buyer paid to the seller for the sale.