NSW Update: Contract for the Sale and Purchase of Land 2022 Edition

NSW Update: Contract for the Sale and Purchase of Land 2022 Edition

The Law Society of NSW has released a 2022 edition of the Contract for Sale and Purchase of Land in NSW.   It is an update from the previous 2019 edition.

The 2022 edition includes the revised prescribed notices and statutory cooling off notices pursuant to the Conveyancing (Sale of Land) Regulation 2022 which commenced on 1 September 2022.  Any contracts exchanged on and from 1 March 2023 must include the revised prescribed notices and statutory cooling off notices in the 2022 edition.

Various other updates have been made in the 2022 edition, including:

• updates to the electronic transaction provisions, including make it the standard transaction;
• provisions to allow for payment of deposits by EFT;
• more detailed execution blocks for signing;
• additional inclusion options such as air-conditioning and EV chargers; and
• new clauses for electronic execution of contracts.

A complete list of the updates can be found of the Law Society of NSW’s website here: LINK