We have seen an incredible amount of change in property law over the past 12 months or so and are about to see some more changes.
Tomorrow (1 September 2017) the Conveyancing (Sale of Land) Regulation 2017 commences. This legislation ushers in new Vendor disclosure obligations and increases the prescribed documents which must be attached to a Contract for the Sale and Purchase of Land (the Contract).
We set out below some of the key changes:
- a new prescribed warning for loose fill asbestos insulation must be included in the Contract;
- two sewer service diagrams are to be attached to the Contract:
- a drainage diagram – that is, the pipes within the property connecting to the sewer main; and
- a sewer mains diagram; and
- for strata units: all by-laws are to be attached to the Contract, therefore if the model by-laws have been adopted for a scheme, these still must be attached.
The 2017 edition of the Contract was released at the start of August and picks up the changes under the legislation that are coming into force on 1 September. Any Contract exchanged on or after 1 September must satisfy the new legislation.
What if it doesn’t? The Vendor has failed to satisfy his/her disclosure obligations and risks a Purchaser rescinding the Contract.
ClickLaw Byte: If you are selling or marketing a Property with a Contract prepared prior to 1 September which will not be exchanged until 1 September or later extra care must be exercised to ensure that it complies with the new legal requirements.
Would you like help or are you thinking of selling a property? Click on the link below and a member of our team will be in touch.