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The ADL Contract of Sale of Real Estate (AU-VIC-RE-PS-006) has now been updated as changes to Victorian legislation mean it is no longer required to be in a prescribed format.
ADL has generally followed the format of the previously prescribed form for ease of use, but has updated the contract in certain respects
Some of the changes which will be of interest to you have been set out below:
Item 9
This item now provides for deposits to be secured by either bank guarantees or deposit bonds. We have also allowed space in this Item for Agents to insert the deposit holders trust account / bank details, with a warning to ensure the account details are confirmed prior to payment to minimise the risk of cyber crime.
Item 12
This item now provides for a copy of the existing lease / tenancy agreement to be given to the purchaser upon request and is linked to the new general condition 30, which requires certain information and documents to be given to the Purchaser.
Item 14
This item now includes a new tick box which helps to clarify whether the contract is subject to / conditional upon loan approval.
The item specifies the lender, amount of loan and approval date must now be completed for the contract to be subject to loan approval.
See also general condition 16.
Item 15
This item now combines building and pest inspections for simplicity, and links with the new general condition 17 which also merges building and pest inspections.
Item 17
This item now inserts GST withholding into the Item Schedule.
Special Conditions
The clauses in the Special Conditions Item have now been moved into the body of the text. This includes capital gains withholding (now general condition 20), electronic settlement (now general condition 14), GST withholding (now general condition 21), foreign investment approval (now general condition 22) and swimming pools (now general condition clause 10).
Signature
The signature Item now allows for the authority of the person signing to be noted, where the signer is not a party to the contract in their own capacity (e.g. Company Director)
General Condition 1
This condition has been simplified and includes provision for electronic delivery and signing (see also condition 24).
General Condition 12
This condition now allows for payment of the deposit by either deposit bond or bank guarantee (see Item 9).
Clause 12.5 includes a 2 business day grace period for receipt of electronic payments, as long as evidence is provided that the electronic payment was made on time.
General Condition 17
In addition to combining building and pest inspections, this condition limits the Purchaser’s ability to terminate by the inclusion of an option for the Vendor to indicate actions they are willing to undertake to remedy any major defects identified by the Purchaser.
The definition of major defects has also been updated.
General Condition 28
This condition sets out who will be responsible for complying with notices and orders issued before or after the day of sale.
General Condition 34
This condition requires both parties to do everything necessary to enable compliance with the contract.
See item #1 below on how to update ADLForms to gain access to the new special conditions.
If you have any suggestions or feedback in regards to these updates, please don't hesitate to contact us.
1. Updating ADLForms
ADLForms should have automatically updated to allow access to the new form and the latest version of the software (9.6.3) when you first opened ADLForms on or after the 29th March. If this does not occur then:
- Click the 'Update' button from the main menu of the program. Please allow a few minutes for the forms and/or program to download and install.
- If this fails to update your forms then:
- Select Tools -> 'Re-initialise ADLForms’ from within the Main Menu of the ADLForms program. This will close the program.
- Restart ADLForms and click the 'Update' button.
- If you still do not have the updated forms click here to download and re-install ADLForms.
- If all the above do not result in a successful forms and program update please contact our tech support team for assistance.
Click on the link below to:
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