The Contract for the Sale and Purchase of Land 2022 came into effect on 1 September 2022 in accordance with the Conveyancing (Sale of Land) Regulation 2022.
Two of the major changes are:
1) the revised form of prescribed notices
2) cooling off notice which must be disclosed in a Contract for the sale or purchase of residential land from 1 March, 2023.
Other major changes include:
- Acknowledgement that an electronic transaction is now standard.
- A requirement to choose if a transaction will be manual in which case the relevant details of the transaction need to be shown on the Contract.
- Amendment to prescribed warnings for smoke alarms and loose-fill asbestos insulation.
- Warnings regarding surcharge purchaser duty (which may be payable);
- The First Home Buyer Choice Property Tax is referenced.
Furthermore, due to the electronic nature of conveyancing the regulations now include EFT payments, electronic execution, use of e-lodgment Subscribers and a new execution page.
Most importantly, the revised prescribed and cooling off notices come into effect on 1 March 2023 and it is imperative that all current unexchanged Contracts are updated prior to that date.
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