Queensland Consolidated Acts

BODY CORPORATE AND COMMUNITY MANAGEMENT ACT 1997 - SECT 217A

217A Terminating contract if lot entitlements inconsistent with deciding principle

(1) This section applies if—

(a) the seller is intended to be the original owner for the scheme when it is established; and

(b) the buyer reasonably believes either—

(i) the proposed contribution schedule lot entitlements for the lots proposed to be included in the scheme are inconsistent with the contribution schedule principle on which they are proposed to be decided; or

(ii) the proposed interest schedule lot entitlements for the lots proposed to be included in the scheme are inconsistent with the market value principle; and

(c) the buyer reasonably believes the buyer would be materially prejudiced if compelled to complete the contract.

(2) Subject to subsection (3) , the buyer may terminate the contract at any time before it settles by giving signed, dated notice of termination to the seller.

(3) The termination must happen not later than 30 days, or a longer period agreed between the buyer and seller, after the buyer’s copy of the contract is received by the buyer or a person acting for the buyer.

(4) The notice of termination must state that the contract is terminated under this section.