|
Hi,
We have today released new versions of our residential sales contracts in response to client requests - the main change dealing with settlement failure.
Key areas of change are:
- Settlement Failure Provisions
- Provisions for Electronic Transfer of Deposits
- Additional Smoke Alarm Provisions
Compliance
These improvements to the ADL Sales Contracts are as a result of client requests and the previous version of the Contracts were compliant with relevant legislation (including the relevant Smoke Alarm Legislation) and ADL confirms the new versions of the Sales Contracts continue to comply.
Settlement Failure - Extension Provisions
These new provisions have been added as a direct result of the recent well publicised case of a couple losing their deposit because their financial institution was not ready for settlement.
Our new Clause 12.3 (Settlement - Extension Provisions) has been drafted to cater for settlement failure because of failure or inability by:
- a relevant financial institution to comply with an instruction or requirement under either Clause 12.1 or 12.2, where such failure or inability does not arise due to any act or omission by a party; or
- an e-conveyancing platform provider, or user of such platform (including a party to the Workspace), to facilitate Settlement due to system or connectivity failure.
Such failure will result in an automatic 1 day extension to settlement. Where a 1 day extension has occurred, either party may, by notice to the other party, advise of an additional extension of up to, but no more than, 4 days.
Electronic Transfer of Deposits
A new Clause 3.4 (in respect of deposit payments) has been added as a result of client requests to allow the standard 2 business days delay for monies to arrive in a recipient's account, where paid electronically.
Smoke Alarms
Even though our previous version of the contracts were compliant with relevant smoke alarm legislation, we have added a new clause to clarify which party is responsible for compliance with the Fire and Emergency Services Act 1990 (and Regulations thereto) and how such compliance will be satisfied.
Refer House and Land Contract Clause 8.17 or Community Title Contract Clause 8.16.
Other Changes
Other changes have also been made to ensure greater clarity throughout the contracts. For full details of all changes made click on the links below:
House and Land Contract Changes
Community Title Contract Changes
To view a copy of each contract click on the links below:
House and Land Contract
Community Title Contract
1. We have developed and released a Buyer's Agent schedule for use with the PO Form 6.
This schedule allows agents to act for clients in the capacity of a Buyer's Agent and provides relevant terms and conditions to protect the agent and provides the ability to clearly specify how and when commissions and/or fees are payable.
As always we are happy to consider constructive feedback on this new addition to our suite of forms.
Click here to view a PDF copy of the agreement
2. Updating ADLForms
ADLForms should automatically update to allow access to the new forms and the latest version of the software (9.6.4) when you first open ADLForms today. 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:
|
