(1) The owner of a place or object which is the subject of a nomination under this Division, before entering into a contract for the sale of the place or object, must inform the purchaser of the nomination and of any deferral of consideration of the nomination.
(2) If the owner of a place or object which is the subject of a nomination under this Division fails to comply with subsection (1), the contract of sale is not invalid, but is voidable at the option of the purchaser.
Division 3—Recommendations of registration