Western Australian Current Acts Western Australian Current Acts (1) A vendor must pay
to the deposit holder specified in a future lot contract any deposit or other
amount paid by the purchaser under the contract within 2 working days after
receipt of the payment from the purchaser.
Penalty for this subsection: a fine of $100 000.
(2) If a vendor fails
to comply with subsection (1), the purchaser may —
(a)
terminate the contract by notice in writing to the vendor; and
(b)
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.
(3) A deposit holder
must —
(a)
operate a trust account in an ADI to which all deposits or other amounts paid
to the deposit holder either directly by a purchaser or by a vendor under
subsection (1) must be deposited; and
(b)
arrange for the trust account to be audited when required under
section 13F(1); and
(c) hold
the amounts in the trust account on trust for the purchaser until —
(i)
the right to recover the deposit or other amount arises
under subsection (2)(b), section 13B(3)(b), 13C(3)(b), 13D(2)(b) or 13I(4); or
(ii)
the settlement of the relevant future lot contract; or
(iii)
the completion of the transfer of the lot or lots to
which the relevant future lot contract relates; or
(iv)
the occurrence of any other circumstance that would
entitle the vendor or purchaser to be paid the deposit or other amount under
the relevant future lot contract.
Penalty for this subsection: a fine of $100 000.
(4) A deposit holder
must repay the deposit or other amount if the right to recover the deposit or
other amount arises under any of the provisions referred to in subsection
(3)(c)(i).
Penalty for this subsection: a fine of $100 000.
(5) A deposit holder
may deduct from any repayment to be made to the purchaser an amount due to the
vendor under a future lot contract in respect of any period during which the
purchaser was —
(a) in
occupation of the lot or lots to which the future lot contract relates; or
(b)
entitled to receive the rents and profits of that lot or those lots.
[Section 13E inserted: No. 38 of 2016 s. 8.]