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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 65
Procedure following rescission
65 Procedure following rescission
(1) If a contract for the sale of residential property or an option for the
purchase of residential property is rescinded under Division 8 or 9 of Part 4
of the Conveyancing Act 1919 , a real estate agent who holds money paid by
the purchaser by way of deposit under or in relation to the contract or the
proposed contract attached to the option is authorised to deal with that money
as provided by this section.
(2) The real estate agent is authorised to pay
to the vendor so much of the money as does not exceed the amount (if any)
forfeited under section 66V or 66ZE of that Act, and receipt by the
real estate agent of the original or a copy of an effective notice of
rescission served by the purchaser under section 66U or 66ZD of that Act is
sufficient authority for the real estate agent to make the payment to the
vendor.
(3) The regulations may make provision for or with respect to
authorising the real estate agent to pay to the purchaser the balance of the
money.
(4) In this section--
"deposit" includes any amount paid by the purchaser in relation to the
contract or the proposed contract attached to the option or on account of the
purchase price of residential property.
"purchaser" includes a prospective purchaser and a grantee or prospective
grantee of an option.
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