In NSW, the 2019 edition of the contract for sale and purchase of land was in use until the Real Estate Institute of New South Wales and the Law Society of New South Wales launched a new edition in September 2022.
To view a comprehensive list of changes and updates that are in the revised edition visit the Law Society of NSW’s website here.
Primarily, the revised edition contains prescribed notices and statutory cooling off notices according to the Conveyancing (Sale of Land) Regulation 2022. This Regulation commenced on 1 September 2022.
By the end of October 2022, the 2019 edition for contract of sale will be withdrawn from sale. However, parties can use the prescribed notices in the 2019 edition until 28 February 2023. Furthermore, any contracts made or exchanged after 1 March 2023 must include the revised form of prescribed notices and cooling off notices.
There are a range of legislative and practice updates. Given below is a list of some of these important changes and updates:
- Changes in relation to EFT payments, use of e-lodgement subscribers, electronic execution, and a new execution page that is much more detailed
- Clauses dealing with electronic execution of contracts
- The standard transaction is now an electronic transaction – dealt with in Clause 4 (view here)
- The definition clause has been expanded and now includes many new definitions. For example, this edition has introduced the term manual transaction to define any transaction that is not electronic.
- Addition of items such as air conditioning, ceiling fans and electric vehicle (EV) charger as inclusions.
To read about about all the changes, check the table of revisions and updates here.
For those who are looking to buy or sell property in the months to come, it is important to be aware of these changes. Moreover, professionals such as real estate agents who deal with buying and selling of property should also familiarise themselves with the latest edition.
If you need further information about any of this, do not hesitate to contact our conveyancing team at JB Solicitors.
Send an enquiry today.