Comment or submission period: All comments or submissions must be received no later than Monday, 2 August 2010.
The Conveyancing (Sale of Land) Regulation 2005 will be automatically repealed on 1 September 2010, pursuant to section 10(2) of the Subordinate Legislation Act 1989. It is proposed to make a new Regulation, the Conveyancing (Sale of Land) Regulation 2010, to operate from that date.
Among other things, the Regulation requires that the vendor disclose, through annexure to the contract, information about title, zoning, sewerage, easements and covenants. The contract for sale is also deemed to include an implied warranty by the vendor that certain matters do not affect the property unless disclosed in the contract. The purchaser is entitled to rescind the contract if there is a breach of the warranty, so there is no need to make enquiries confirming the warranty until after exchange. The amendments to the format of the Regulation have been designed to enhance the understanding and readability of the Regulation. The Regulation also deals with notice of cooling off rights in contracts for sale and with options for the purchase of residential property. The Regulation also includes a range of measures designed to streamline the conveyancing process and to reduce the incidence of gazumping.
The proposed Regulation makes only minor amendments to the current Regulation but substantial formatting changes to the provisions of the current Regulation.
Comments and submissions on the proposed Regulation are invited and should be sent to:
Legal Services Division
Land and Property Management Authority
Level 3, 1 Prince Albert Rd
Sydney NSW 2000
or DX 17 Sydney
F: 02 9221 4309