Conveyancing practitioners should be aware that the Contract of sale of land – By Lawyers VIC 2021 version has now been published.
The contract is available to LEAP users with the By Lawyers integration and to non-LEAP users by subscription to the Conveyancing (VIC) publication. The contract can be found in the Sale of Real Property (VIC) guide. The contract is also available for purchase through InfoTrack.
The contract was co-authored by Victorian property law guru and long-time By Lawyers author Russell Cocks. For more information about the By Lawyers contract listen to the podcast Seven reasons to use the By Lawyers Contract of sale of land.
The By Lawyers Contract of sale of land for Victoria was introduced on 1 March 2018 and its use has been increasing steadily among Victorian legal practitioners and conveyancers. The contract removes the need for special conditions other than those covering special circumstances and has a number of other advantages over the LIV contract which further simplify the conveyancing process.
Additions to the Contract of sale of land – Parts 1 and 2 – By Lawyers VIC 2021 version
- GST provisions in the Particulars section of Part 1 have been amended for clarity.
- An option of 14 OR 21 days has been added in relation to the loan approval period.
- Clause 14 of the General Conditions has been amended to provide the purchaser with the ability to request an extension of time to obtain loan approval, sets out the corresponding options for the vendor, and provides for the outcome where the vendor fails to respond to the extension request in time.
- Clause 15 has been amended to provide for the rectification of any error made in the calculation of adjustments that is discovered after completion.
- Clause 22 clarifies that where the property is subject to the Retail Leases Act 2003, the vendor must provide the purchaser with a copy of the disclosure statement.
Rest assured that the By Lawyers contract is immediately brought up to date with any changes in law or practice.