NSW update: Commencement of Conveyancing (Sale of Land) Regulation 2022

NSW update: Commencement of Conveyancing (Sale of Land) Regulation 2022

The Conveyancing (Sale of Land) Regulation 2022 commenced on 1 September 2022 and replaced the Conveyancing (Sale of Land) Regulation 2017 which has now been repealed.

The Regulations have been amended to simplify structure and readability, which means many section numbers have changed from the 2017 Regulations.

One of the more substantive changes to the Regulations are:

• revised text of prescribed notices and statutory cooling off notices;
• to clarify the disclosure requirements for contracts arising from options to purchase land; and
• to confirm that a cooling off period does not apply to contracts arising from ‘put options’, so that these documents are treated in the same way as for contracts arising from ‘call options’.

The Regulations contain a 6-month transitional period. From 1 September 2022 until 28 February 2023, anything done in connection with a contract that complies with the 2017 Regulations will be taken to comply with the 2022 Regulations. This transitional provision will assist in circumstances where a contract has been prepared prior to 1 September 2022 but exchanged during the transition period.

A link to the new Conveyancing (Sale of Land) Regulation 2022 is here  – LINK

Emma Smythies, Partner – 24th October 2022