(1) No person shall
sell a lot in a proposed scheme before the strata/survey-strata plan is
registered under Part II unless the contract of sale provides that any deposit
and all other moneys payable by the purchaser prior to the registration of the
strata/survey-strata plan are to be paid to a solicitor, real estate agent or
settlement agent, who shall be named or specified in the contract, to be held
by that solicitor, real estate agent or settlement agent on trust for the
purchaser until the strata/survey-strata plan is registered.
(2) Any deposit and
other moneys payable and paid by the purchaser prior to the registration of
the strata/survey-strata plan under any such contract as is referred to in
subsection (1) shall be paid by the purchaser to the solicitor, real
estate agent or settlement agent named or specified in the contract of sale.
(3) In the event of a
contravention of subsection (1) or subsection (2), the purchaser may
at any time before the strata/survey-strata plan is registered avoid the sale.
(4) If the
strata/survey-strata plan is not registered —
within such period after the date of the contract as is agreed in writing by
the purchaser and the vendor; or
the absence of any such agreement, within 6 months after that date,
the purchaser may
avoid the sale at any time before the plan is registered.
(5) Where a purchaser
avoids a sale under this section, all moneys, including the deposit, shall be
recoverable by him from the solicitor, real estate agent or settlement agent
or other person to whom they were paid, but the purchaser shall be liable to
pay an occupation rent for any period during which he was in occupation of the
lot or entitled to receive the rents and profits of the lot.
[(6), (7) deleted]
(8) In this
date of the contract means the day on which the
contract of sale referred to in subsection (1) was signed or, if the
parties signed it on different days, the last of those days;
real estate agent means a person licensed as a
real estate agent under the Real Estate and Business Agents Act 1978 ;
settlement agent means a person licensed as a
settlement agent under the Settlement Agents Act 1981 .
[Section 70 amended: No. 42 of 1986
s. 4; No. 58 of 1995 s. 64, 95 and 96; No. 61 of 1996