Queensland Consolidated Acts

PROPERTY LAW ACT 1974 - SECT 72

72 Restriction on vendor’s right to rescind

(1) An instalment contract shall not be determinable or determined because of default on the part of the purchaser in payment of any instalment or sum of money (other than a deposit or any part of a deposit) due and payable under the contract until the expiration of a period of 30 days after service upon the purchaser of a notice in the approved form.

(2) A purchaser upon whom a notice in the approved form has been served may within the period mentioned in subsection (1) pay or tender to the vendor or the vendor’s agent such sum as would have been due and payable under the contract at the date of such payment or tender but for such default (including any sum in respect of which the default was made).

(3) Upon payment or tender under subsection (2) any right or power of the vendor to determine the contract because of the default specified in the notice shall cease and the purchaser shall be deemed not to be in default under the contract.

(4) A notice shall be deemed to be to the like effect of that in the approved form if it is reasonably sufficient fully and fairly to apprise the purchaser of the purchaser’s default and of the effect of the purchaser’s failure to remedy the default within the time specified in this section.