Northern Territory Numbered Acts

STATUTE LAW AMENDMENT (TERRITORY ECONOMIC RECONSTRUCTION) ACT 2022 (NO 5 OF 2022) - SECT 27

After section 108H, in Part XIIB

insert

108J     Person to repay agent if person avoids agreement

    (1)     This section applies to a person to whom a disclosure under section 108H(1) is made if the person:

    (a)     is selling the land or business; and

    (b)     elects to avoid the agreement under section 108H(6)(b).

    (2)     The person must repay to the interested party the amount of money received in relation to the agreement less an amount representing any costs or expenses incurred by the person in relation to the agreement.

    (3)     If the amount of money received does not cover the costs or expenses, the interested party must pay to the person the balance of the costs and expenses.