Queensland Consolidated Acts

MANUFACTURED HOMES (RESIDENTIAL PARKS) ACT 2003 - SECT 51A

51A Cooling-off period for assignment agreement

(1) This section applies if—

(a) the seller and buyer have entered into an assignment agreement; and

(b) the park owner consents to the assignment of the seller’s interest in the site agreement for the site to the buyer.

(2) The buyer may, within the cooling-off period, terminate the assignment agreement by giving a signed notice of the termination to—

(a) the park owner; and

(b) the seller; and

(c) if the buyer has granted a person a security interest in the manufactured home positioned on the site—that person.

(3) The notice must state the day, within 28 days after the notice is given, the termination takes effect (the
"termination day" ).

(4) The buyer may terminate the assignment agreement under subsection (2) even though—

(a) the buyer has affirmed the agreement; and

(b) the agreement and the form of assignment of the seller’s interest have been fully executed.

(5) If the assignment agreement is terminated under subsection (2) —

(a) the form of assignment of the seller’s interest is taken to be revoked; and

(b) the buyer is not liable to pay any amount otherwise payable under the agreement by the buyer to the seller.

(6) If the assignment agreement is terminated under subsection (2) , the seller must, within 14 days after the termination day, refund any amount received under the agreement from the buyer.

Penalty—

Maximum penalty—100 penalty units.

(7) An amount payable to the buyer under subsection (6) is recoverable as a debt.

(8) In this section—

"cooling-off period" means the following period after the park owner consents to the assignment of the seller’s interest to the buyer—

(a) if the park owner has not given the buyer the disclosure documents for the site as required under section 48A —28 days;

(b) otherwise—7 days.