(1) This section
applies if the vendor’s condition in a future lot contract is satisfied.
(2) If this section
applies —
(a) the
vendor must give the purchaser notice in writing that the vendor’s
condition has been satisfied; and
(b) any
deposit or other amount paid by the purchaser under the contract may be
applied in accordance with the law.
(3) The notice
required under subsection (2)(a) must be given within 10 working days after
the date on which the vendor’s condition is satisfied.
(4) If the vendor
fails to give the notice required under subsection (2)(a) within the time
specified in subsection (3), the vendor’s condition is taken not to have
been satisfied.
[Section 13H inserted: No. 38 of 2016 s. 8.]