New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 66ZG

66ZG Option void in certain circumstances

(1) An option granted for the purchase of residential property is void--

(b) if it is exercisable within 42 days after it is granted or, if a different period is prescribed, within that period.

(2) If an option is void under this section, section 66ZE applies as if an effective notice of rescission of the option had been served under this Division, except that--

(a) the purchaser is not liable to the forfeiture provided for under that section, and

(b) that section has effect as if it provided that the whole of the consideration paid in relation to the option and the whole of any deposit paid in relation to the purchase of the property are payable to the purchaser.