No images? Click here New Conveyancing (Sale of Land) Regulation 2022 The Conveyancing (Sale of Land) Regulation 2022 will commence on Thursday, 1 September 2022, and will replace the Conveyancing (Sale of Land) Regulation 2017. The new Regulation continues to support the Conveyancing Act 1919 by setting out disclosure obligations for vendors in conveyancing transactions conducted through contracts for the sale of land (including off the plan) and options for the purchase of residential property. It also provides purchasers with remedies, including the right to rescind contracts within a certain time if disclosure obligations are not met. What’s changing? The Regulation has been amended to simplify its structure and readability. It introduces minor changes only, including:
The Regulation does not introduce any new disclosure requirements. When do the changes apply? The Regulation will commence on 1 September 2022, but includes a 6-month transitional period, to the effect that from 1 September 2022 until 28 February 2023, anything done in connection with a contract that complies with the Conveyancing (Sale of Land) Regulation 2017 will be taken to comply with the 2022 Regulation. This transitional provision will assist in circumstances where contracts that have been prepared before 1 September 2022 are not exchanged until shortly after the new Regulation commences. More information The Regulation has been published on the official NSW legislation website. For more information please contact the Office of the Registrar General on ORG-Admin@customerservice.nsw.gov.au. |