Section 66ZH — Conveyancing Act 1919 (NSW)

(1) A statement in the form prescribed by the regulations, relating to the cooling off period, is required to be included in every option.
(2) If an option does not contain the statement required under this section, either party may serve a written notice to the effect that the party rescinds the option or (if the option has been exercised) the contract resulting from the exercise of the option.
(3) On service of an effective notice of rescission under this section, section 66ZE or (if relevant) section 66V applies, except that—
(a) the purchaser is not liable to the forfeiture provided for under those sections, and
(b) those sections have effect as if they both provided that the whole of the consideration paid in relation to the option and the whole of any deposit paid in relation to the purchase of the property are payable to the purchaser.
(4) The notice may be served at any time during the period commencing when the option was granted and ending when the option is exercised or ceases to be exercisable or (if relevant) during the period commencing when the option is exercised and ending at 5 pm on the fifth business day after the day when the option is exercised.
(5) The notice is ineffective if served after completion of the resulting contract.
(6) This section does not apply where a certificate under section 66ZF has been given for the purposes of section 66ZB or 66ZC.

Related sections

• s 66ZE — Consequences of rescission
• s 66ZF — Certificates
• s 66ZG — Option void in certain circumstances
• s 66ZI — Annexure of proposed contract for sale of land
• s 66ZJ — Provisions relating to notices under sections 66ZH and 66ZI
• s 66ZK — Operation of Division 9

Research how courts apply s 66ZH

BriefBridge searches NSW and High Court caselaw by meaning — every answer cited to the paragraph.