Western Australian Current Acts

SALE OF LAND ACT 1970 - SECT 13D

13D .         Requirement for future lot contract to provide that deposit or other amount payable by purchaser must be paid to deposit holder

        (1)         A future lot contract must provide that any deposit or other amount payable by the purchaser under the contract must be —

            (a)         paid by the vendor to a deposit holder specified in the contract within 2 working days after receipt of the payment from the purchaser; and

            (b)         held by the deposit holder on trust for the person entitled to receive it under the contract.

        (2)         If a future lot contract does not include the provision required under subsection (1) —

            (a)         the contract is illegal and void; and

            (b)         the purchaser may recover from the deposit holder specified in the contract or from any other person to whom the deposit was paid —

                  (i)         any deposit or other amount paid by the purchaser under the contract; and

                  (ii)         if applicable, any interest accrued on the deposit or other amount.

        [Section 13D inserted: No. 38 of 2016 s. 8.]