The Law Society of New South Wales and the Real Estate Institute of New South Wales have just launched a 2022 edition of the contract for sale and purchase of land in New South Wales. The previous edition was the 2019 edition.
Many of the changes in the 2022 edition of the new contract were brought about by the changes in the Conveyancing (Sale of Land) Regulation 2022 (Regulation) which commenced on 1 September 2022. The 2022 edition has the revised forms of prescribed notices and cooling off notice as required by the Regulation.
There are other changes in the 2022 edition of the contract including the following:
- Several new inclusions including air-conditioning, ceiling fans and EV charger.
- A much more detailed execution page.
- Clauses have been restructured in recognition of transactions now predominantly occurring as an electronic conveyance through an electronic lodgement network and the minority of transactions occurring as a manual paper transaction.
- Payment of deposit by electronic funds transfer according to the terms of the contract.
- The submission of a GSTRW payment notification form has been reduced from five days to two business days.
- Changes to deal with first home buyer choice property tax in the event that it forms a charge on the land and clarification that this tax is to be adjusted.
- Clauses dealing with the electronic execution of contracts.
- A myriad of other changes as well.
The prescribed notices contained in the 2019 edition can be continued to be used until 28 February 2023 as there is a transitional provision but it cannot be used for contracts entered into on or after 1 March 2023.
The 2019 edition will be phased out and withdrawn from sale at the end of October 2022.
The authors Gary Newton and Maged Jebeile are long term members of the Property Law Committee of the Law Society of New South Wales and as such are actively involved with the 2022 edition as well as assisting with the review of the Regulation.
Should you need further information on the changes and the 2022 edition or the Regulation please contact either Gary Newton or Maged Jebeile.
This article was written by Gary Newton, Partner, and Maged Jebeile, Special Counsel.