Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) If a rescission notice is given for a contract for the sale of residential property in accordance with section 14, the contract is taken to be rescinded from the time it was entered into subject to the rights and obligations set out in subsections (2) to (7).
(2) The buyer forfeits 0.25% of the purchase price of the property to the seller.
(3) The amount forfeited may be recovered from any deposit paid under the contract.
(4) If the deposit is insufficient, the balance of the amount forfeited may be recovered from the buyer as a debt.
(5) The balance of the deposit remaining after deduction of any amount forfeited must be paid to the buyer.
(6) An amount payable to the buyer under subsection (5) may be recovered from the seller as a debt.
(7) The buyer and seller are not liable to pay any other amounts for damages, costs or expenses.
Note See the Duties Act 1999
, s 50 in relation to any liability for duty payable in relation to the contract.