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Hi !FirstName,
On the 1st March 2012 changes to the Estate Agents (Contracts) Regulation 2008 made under the Estate Agents (Contracts) Amendment Regulation 2011 will come into force, effecting the Contract of Sale for Real Estate.
The most significant change is that Buyers will no longer lose their right to 'cool off' if the Buyer receives independent legal advice prior to signing the Contract of Sale.
Despite this change, the following exemptions to the application of the cooling off period still apply and appear on the first page of the Contract:
- You bought the property at or within 3 clear business days before or after a publicly advertised auction; or
- The property is used primarily for industrial or commercial purposes; or
- The property is more than 20 hectares in size and is used primarily for farming; or
- You and the Vendor have previously signed a contract for the sale of the same land in substantially the same terms; or
- You are an estate agent or a corporate body.
Other significant changes to the contract include:
- The Contract is no longer split into two separate forms.
- A new General Condition Clause 7 has been inserted dealing with security interests under the Personal Properties Securities Act 2009 (cth) which commenced on the 30th January 2012. The new Act introduced national laws affecting the securing of interests in personal property. As part of the new laws a Personal Properties Securities Register has been introduced bringing the different Commonwealth, State and Territory registers relating to personal securities together under one national system.
For more information relating to the new laws and register click here.
The new version of the Contract will be released and ready for use in ADLForms from the 1st March and Agents are advised to use the new Contract from this date.
DO NOT use old Sales Contracts after 1st March!
1. ADL has released its own Real Property Lease for use in Commercial or Retail Shop leasing.
The form is designed as a standard lease with a range of comprehensive provisions taking into account the requirements of both parties.
Benefits of having this more comprehensive document are:
- More detailed clauses makes it easier for Clients to understand
- Less special conditions required to complete a basic lease agreement
- Greater coverage of provisions for both parties
- Less adjustments required by a legal representative
As with all ADL Forms we welcome feedback from Agents with regard to this new form.
Click on the link below to:
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