The Law Society of NSW have launched a 2022 edition of the Contract for Sale and Purchase of Land in New South Wales, in replacement of the 2019 version.
Many of the changes in the 2022 edition of the new contract derived from 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 notices as required by the new Regulation.
The old forms of prescribed notices can be continued to be used until 28 February 2023 as there is a transitional provision. On and from 1 March 2023, the revised forms must be used in contracts for the sale of land.
Other changes in the 2022 edition of the contract include:
- Several new options for inclusions being 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 lodgment network and the minority of transaction occurring as a manual paper transaction.
- Amendments to reflect that the majority of deposits are made by way of electronic funds transfer.
- The submission of a GSTRW payment notification form has been reduced from five (5) business days to two (2) 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 electronic execution of contracts.
Should you require further information on the changes and the 2022 edition or the Regulation, please do not hesitate to contact Madaline Timson, our Licensed Conveyancer of Keystone Lawyers.