In March 2026, the Law Society of New South Wales (Law Society) released the Contract for the Sale and Purchase of Land (Contract) 2026 edition, a replacement of the 2022 edition. The updated Contract is now available for purchase and should be used in all NSW land sale contracts. HWLE Lawyers Partner Gary Newton and Special Counsel Maged Jebeile sit on the Law Society’s Property Law Committee (Committee) and were involved in the drafting of earlier editions of the Contract, and the redrafting of the 2026 edition.

WHAT ARE THE KEY CHANGES?

The main change brought about with the new Contract impacts the statutory prescribed form of cooling off notice which is mandated by the Conveyancing (Sale of Land) Regulation 2022. This form of notice, which has been available since 15 August 2025, must now be attached to every land sale contract in NSW. From 1 June 2026, it must be used in all contracts that are entered into and all exchanges made. If this does not occur, the purchaser has the right to walk away for the first two weeks after the contract date and receives a full refund of their deposit. If the new form is not used after 31 May 2026, buyers may escape a property sale if the seller has used the outdated 2022 edition.

ADDITIONAL ADJUSTMENTS

The new form of cooling off notice opened the door to review of the Contract as its addition was a requirement. In its review the Committee introduced several additional changes, including adapting to technological developments, financial considerations and court outcomes.

1. ‘TV antenna’ has been replaced by ‘internet/TV receiver’ and a new inclusion of ‘solar power battery’ has been added.
2. In the Contract’s warning notices, a new warning has been added in relation to compliance with the anti-money laundering and counterterrorism financing changes, aligned with AML/CTF Reform which will apply on and from 1 July 2026.
3. The foreign resident capital gains withholding percentage increased in 2025 to 15%. Before this change, the threshold price had been revised to be applicable to the sale or transfer of all property throughout Australia without a minimum price. The Contract has been updated in several places to accommodate these changes.
4. A recent Supreme Court case identified inconsistencies between some of the terms of clause 29 on a conditional contract and clause 28 in relation to the sale of an off the plan unregistered block of land which would be conditional on that off the plan land being eventually registered. Several adjustments were made to those clauses as a result of that case, including that clause 29.1 has been amended to clarify that this clause will not apply to where the unregistered plan clause 28 applies.
5. Changes relating to the electronic signing of the Contract.

WHAT DOES THIS MEAN FOR ME?

Property owners in NSW should ensure that any draft contracts that have not yet been exchanged are updated to use the 2026 edition as soon as possible. From 1 June 2026, contracts should not be exchanged or entered into unless the 2026 edition is used or contracts are updated to include the revised prescribed form of cooling off notice.

FOR FURTHER INFORMATION

If you have any questions, please reach out to HWLE Property team Gary Newton, Partner or Maged Jebeile, Special Counsel. A press release is available on the HWLE website here.