The Law Society of New South Wales recently released the 2022 edition of the Contract for Sale and Purchase of Land in NSW. The 2022 edition of the Contract supersedes the previous 2019 edition and includes updates to the prescribed notices and statutory cooling off notice as required by the Conveyancing (Sale of Land) Regulation 2022. Contracts exchanged on or after 1 March 2023 must contain the updated notices as contained in the 2022 edition.
Other material changes in the 2022 edition of the Contract are:
- the addition of several new inclusions (including air conditioning, ceiling fans and electric vehicle (EV) chargers);
- a more dedicated execution page to accommodate various forms of execution, such as execution for a company and pursuant to a power of attorney;
- the addition of new clauses dealing with the NSW Government’s new first home buyer choice property tax, which was introduced as part of the First Home Buyer Choice scheme; and
- the insertion of new clauses dealing with the standardisation of electronic transactions – the 2022 Edition contemplates that the majority of transactions will be electronic transactions and so allows for electronic execution of contracts, electronic transfer of funds and settlement via an electronic lodgement network operator.
If you are considering selling, buying or leasing a property, or would like to know more about any of the updates covered in this post, please contact our Property Team on 02 4927 2900.