(1) If a notifiable
variation occurs after a buyer signs a contract for the sale and purchase of a
lot, the seller must, by notice in writing, inform the buyer of particulars of
the notifiable variation that a reasonable person would consider sufficient to
enable the buyer to make an adequately informed assessment as to whether the
buyer is materially prejudiced by the notifiable variation.
(2) The regulations
may provide that if the notice contains specified particulars of a notifiable
variation of a specified type it will be conclusively presumed to contain the
particulars required by subsection (1).
(3) The seller must
comply with subsection (1) —
(a) if
the seller becomes aware of the notifiable variation less than 15 working days
before the settlement date for the contract — as soon as practicable;
and
(b) in
any other case — not later than 10 working days after the seller becomes
aware of the notifiable variation.
(4) Subsection (1)
does not apply if —
(a) the
seller has in the contract informed the buyer of any proposed action or matter
that would be a notifiable variation; and
(b) the
action or matter when completed does not differ from that described in the
contract; and
(c) the
seller gives the buyer written notice of completion of the action or matter
within the time required by subsection (5), with particulars which a
reasonable person would consider sufficient to enable the buyer to make an
adequately informed assessment as to whether the action or matter as completed
differs from that described in the contract.
(5) For subsection
(4)(c), the time required for notice of completion is —
(a) if
the seller becomes aware of the completion of the action or matter less than
15 working days before the settlement date for the contract — as soon as
practicable; and
(b) in
any other case — not later than 10 working days after the seller becomes
aware of completion of the action or matter.
(6) In any court or
tribunal proceedings arising out of or connected with a contract for the sale
and purchase of a lot, the onus of proving that a notice required by
subsection (1) or a notice referred to in subsection (4)(c) was given in
accordance with this section lies on the seller.
[Section 157 inserted: No. 30 of 2018 s. 83.]