Update: Vendor Disclosure Requirement
From 1 September 2017, the Conveyancing (Sale of Land) Regulation 2017 will come into effect. The Regulation introduces new disclosure requirements for sale of land Contracts.
New Additions Breakdown
The Regulation requires the following additional documents to be included in sale of land Contracts:
- All strata by-laws in force for the scheme to be included in the Contract (if applicable);
- An additional sewer diagram is required where necessary to show the location of sewer lines in relation to the subject property; and
- The prescribed warning statements now include a new warning relating to the possible presence of Loose Fill Asbestos on certain property.
The Regulation has also added 3 new items to the list of adverse affectations that the vendor assures does not affect the land (unless disclosed in writing):
- Strata renewal;
- Orders under section 121B of the Environmental Planning and Assessment Act 1979 (e.g. demolition order); and
- Rights of way under section 235C of the Mining Act 1992.
Please note that all Sale of Land Contracts exchanged after 1 September 2017 must comply with the Regulation.
If you are looking to sell your property and require a Contract of Sale to be prepared, please contact our team of lawyers at The Quinn Group on (02) 9223 9166 or submit and online enquiry form today.