Queensland Consolidated Acts

PROPERTY OCCUPATIONS ACT 2014 - SECT 160

160 Contracts this part applies to

(1) This part applies to a contract, including a contract granting an option to purchase (a
"relevant contract" )—

(a) for the sale of residential property; but

(b) does not include—

(i) a contract formed on a sale by auction; or

(ii) a contract entered into, by no later than 5p.m. on the second clear business day after the property was passed in at auction, with a registered bidder for the auction; or

(iii) a contract (a
"later contract" ) formed because of the exercise of an option granted under an earlier contract, if the parties to the later contract are the same as the parties to the earlier contract; or

(iv) a contract if the buyer is a publicly listed corporation or a subsidiary of a publicly listed corporation; or

(v) a contract if the buyer is the State or a statutory body; or

(vi) a contract if the buyer is purchasing at least 3 lots at the same time, whether or not in the 1 contract.

(2) This part also applies to any other contract prescribed under a regulation (also a
"relevant contract" ).

(3) In this section—

"formed on a sale by auction" means formed on sale by auction—

(a) directly on the fall of the hammer, by outcry; or

(b) directly at the end of another similar type of competition for purchase.

Examples—

1 A contract for the sale of property is formed on a sale by auction when the auctioneer declares the property sold on the fall of the hammer.

2 A contract for the sale of property is not formed on a sale by auction when the property is passed in at auction and a bidder subsequently negotiates and purchases the property.

3 A contract for the sale of property is not formed on a sale by auction when the contract arises directly out of a sale by tender process.