Need advice? Get in touch!
Close this search box.

2022 Contract Deadline

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:

  1. Acknowledgement that an electronic transaction is now standard.
  2. 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.
  3. Amendment to prescribed warnings for smoke alarms and loose-fill asbestos insulation.
  4. Warnings regarding surcharge purchaser duty (which may be payable);
  5. 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.

Liability limited by a scheme approved under Professional Standards Legislation

Share this article

Contact Us