Queensland Consolidated Acts

BUILDING UNITS AND GROUP TITLES ACT 1980 - SECT 48G

48G Application of s 49 if option granted

(1) Section 49 , as modified by this section, applies if a person grants an option (the
"option" ) to another person—

(a) to purchase a proposed lot; or

(b) to sell a proposed lot.

(2) For subsection (1) —

(a) section 49 (1) requires the giving of a disclosure statement in relation to the option as if a reference to a contract for the sale of a proposed lot being entered into were a reference to an option to purchase or sell the proposed lot being granted; and

(b) any right of avoidance under section 49 relating to the disclosure statement applies in relation to—

(i) the option; and

(ii) a contract entered into by the original proprietor and purchaser for the sale to the purchaser of the proposed lot arising from the option.

(3) If the original proprietor and purchaser enter into a contract for the sale to the purchaser of the proposed lot arising from the option, section 49 (1) does not require the giving of a disclosure statement in relation to the contract for the sale.

(4) If the purchaser is not a party to the contract for the sale of the proposed lot arising from the option, the original proprietor must comply with section 49 before entering into the contract for the sale.

(5) In this section—

"original proprietor" means the person who grants an option to purchase, or is granted an option to sell, the proposed lot.

"purchaser" means the person who is granted an option to purchase, or grants an option to sell, the proposed lot.