(1) A purchaser of land at a public auction is entitled to compensation from any person who fails to comply with this Division (other than section 47) for any loss or damage suffered by the purchaser as a result of that failure to comply.
(2) An application for compensation under this section—
(a) must be lodged with the Victorian Civil and Administrative Tribunal; and
(b) must be lodged before the second anniversary of the date of the auction.
(3) If compensation is sought under this section from a vendor of the land and the Tribunal is satisfied that the application for compensation is frivolous, vexatious or without substance, it may order the applicant to pay compensation to the vendor for any loss or damage the vendor has suffered as a result of the application.
(4) The power conferred by subsection (3) is in addition to any power the Tribunal has to order the payment of costs in relation to the application.
S. 45 inserted by No. 41/2003 s. 3.