Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) This part applies to a contract, or proposed contract, for the sale of residential property.
(2) However, this part does not apply to a contract, or proposed contract, for the sale of residential property if—
(a) the contract arises from the exercise of an option to buy the property and—
(i) the option was contained in a will or sublease; or
(ii) the period for exercise of the option was longer than 60 days; or
(b) the buyer is a related person of the seller.
(3) Also, this part does not apply to a contract, or proposed contract, for the sale of residential property—
(a) if—
(i) the property is an affected unit; and
(ii) the Territory is buying the property under the buyback scheme; or
(b) if—
(i) the property is an eligible impacted property; and
(ii) the Territory is buying the property under the eligible impacted property buyback program.
(4) In this section:
"affected unit "means a unit that contains or has contained loose-fill asbestos insulation.
"buyback scheme "means the scheme involving the acquisition by the Territory of residential premises that contain or have contained loose-fill asbestos insulation.
"eligible impacted property"—see section 9A (1).
"eligible impacted property buyback program"—see section 9A (1).
"loose-fill asbestos insulation"—see the Dangerous Substances Act 2004
, section 47I.
"related person"—see the Duties Act 1999
, section 77A (3).