Thursday, 22 March 2012

New form of contract of sale of real estate from March 2012

Further to my post of 27 February 2012, there is a further new form of Contract of Sale of Real Estate in Victoria.

The latest changes have been brought about by the Consumer Affairs Legislation Amendment (Reform) Act 2010. The Act amended the Sale of Land Act 1962 (Vic), by:

• the removal of the ability for deposits to be held in vendor/purchaser joint accounts for off‐the‐plan sales, and

 • providing for cooling off rights where clients have received pre‐contractual advice from a legal practitioner.

These changes came into operation on 1 March 2012.

W G Stark

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