(1) A contract of insurance under this Part cannot be entered into in relation to owner-builder work carried out or to be carried out by a person as an owner-builder.(2) A person who is the owner of land in relation to which an owner-builder permit was issued must not enter into a contract for the sale of the land unless the contract includes a conspicuous note (a consumer warning) stating:(a) that an owner-builder permit was issued in relation to the land (specifying the date on which it was issued), and(b) work done under an owner-builder permit is not required to be insured under this Act unless the work was done by a contractor to the owner-builder.
Maximum penalty: 1,000 penalty units in the case of a corporation and 200 penalty units in any other case.(3) The requirement for a contract of sale to include a consumer warning does not apply:(a) to a sale of land more than 7 years and 6 months after the owner-builder permit was issued, or(b) if the reasonable market cost of the labour and materials involved does not exceed the amount prescribed by the regulations for the purposes of this section, or(c) if the owner-builder work carried out under the owner-builder permit is of a class prescribed by the regulations.(4) The requirement for a contract of sale to include a consumer warning applies to a person as the owner of land whether the person is the person to whom the owner-builder permit was issued or a successor in title to that person.(5) If a person contravenes this section in respect of a contract, the contract is voidable at the option of the purchaser before the completion of the contract.Note. Prior to its amendment by the Home Building Amendment Act 2014, section 95 required an owner-builder to obtain insurance under this Part before selling the land concerned. Schedule 4 provides for the continued application of the previous requirements of section 95 to sales of land before the amendment to that section.