(2) Any dispute as to whether a failure is to be disregarded under subsection (1) may be determined by an arbitrator. (3) In this section material mistake or misstatement means a mistake or misstatement that would entitle the purchaser to be discharged from the contract irrespective of the provisions of this Act. 29F Purchaser may avoid prohibited terms contract S. 29F inserted by No. 6/2008 (1) Except where otherwise expressly provided, if a s. 33. terms contract is entered into in contravention of this Act— (a) the contract is voidable by the purchaser at any time before completion of the contract; and (b) if the contract is avoided, a person is entitled to recover any money paid by that person under that contract. (2) A terms contract is not voidable by the purchaser if a court is satisfied that— (a) the vendor has acted honestly and reasonably and ought fairly to be excused for the contravention; and (b) the purchaser is substantially in as good a position as if all the relevant provisions of this Act had been complied with. (3) Despite subsection (1), if a terms contract is entered into in contravention of this Act and is avoided by the purchaser before the completion of the contract, the purchaser is liable to pay an occupation rent for the period during which the purchaser was— (a) in actual possession of the land; or (b) entitled to the receipt of the rents and profits of the land.
(2) Any dispute as to whether a failure is to be disregarded under subsection (1) may be determined by an arbitrator. (3) In this section material mistake or misstatement means a mistake or misstatement that would entitle the purchaser to be discharged from the contract irrespective of the provisions of this Act. S. 29F inserted by No. 6/2008 s. 33. 29F Purchaser may avoid prohibited terms contract (1) Except where otherwise expressly provided, if a terms contract is entered into in contravention of this Act— (a) the contract is voidable by the purchaser at any time before completion of the contract; and (b) if the contract is avoided, a person is entitled to recover any money paid by that person under that contract. (2) A terms contract is not voidable by the purchaser if a court is satisfied that— (a) the vendor has acted honestly and reasonably and ought fairly to be excused for the contravention; and (b) the purchaser is substantially in as good a position as if all the relevant provisions of this Act had been complied with. (3) Despite subsection (1), if a terms contract is entered into in contravention of this Act and is avoided by the purchaser before the completion of the contract, the purchaser is liable to pay an occupation rent for the period during which the purchaser was— (a) in actual possession of the land; or (b) entitled to the receipt of the rents and profits of the land.
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