Victorian Current Acts

SALE OF LAND ACT 1962 - SECT 10F

    (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;

For a body corporate, 1200 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 inserted by No. 38/2023 s. 16.