(1) If a purchaser serves a notice on a vendor under section 29H and the vendor, without lawful excuse, fails to convey or transfer the land to the purchaser—
(a) the vendor is deemed to have breached a condition of the terms contract and the purchaser is entitled to all civil remedies for that breach; and
(b) the vendor is guilty of an offence and liable to a penalty of not more than 60 penalty units, in the case of a natural person or 300 penalty units, in the case of a body corporate.
(2) In this section a lawful excuse includes where the vendor disputes in good faith the purchaser's entitlement to serve the notice.
S. 29K inserted by No. 6/2008 s. 33.