ByLawyers News and Updates

Contract of sale of land – VIC

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Conveyancing practitioners would be aware the By Lawyers Contract of sale of land – VIC 2020 is available to website subscribers and LEAP users. The contract is available, at no extra charge to subscribers, in the VIC Conveyancing – Sale of real property publication. 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.

In response to requests from subscribers for greater flexibility when preparing and compiling the By Lawyers Contact of sale of land, the s 32 Vendor statement has been separated out from the contract for those who prefer it so. The following individual precedents have been added to the VIC Conveyancing – Sale of real property matter plan:

  • Contact of sale of land – Part 1 of 2 – Particulars – By Lawyers VIC 2020
  • Section 32 Vendor Statement – By Lawyers VIC
  • Due diligence checklist for home and residential property buyers – Consumer Affairs Victoria

The original precedent Contract of sale of land, with the s 32 Vendor statement included, remains available.

Sunset clause – Conveyancing – VIC

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From 1 March 2020, a sunset clause in a residential off the plan contract must include the statement set out in s 10F (1) of the Sale of Land Act 1962.

The By Lawyers Conveyancing (VIC) Guide, which includes the By Lawyers Contract of Sale of Land, has been updated accordingly. The amendments are:

  • New content added to Sale and Purchase Commentaries and 1001 Conveyancing Answers;
  • Notice required by new s 10F (1) of the Sale of Land Act 1962 added to General Condition 9(a) of Part 2 of the By Lawyers Contract and special condition ‘Subdivision – Sale subject to Subdivision’ in the library of special conditions.

The By Lawyers Contract of Sale of Land is available to all LEAP users until 30 June 2020. Beyond that date it will remain available to LEAP users who have By Lawyers as a companion product to their LEAP or LEAP Conveyancer subscription. It can also be accessed by non-LEAP users through InfoTrack or the By Lawyers website by subscribing to our Victorian Conveyancing publication, which has many associated benefits such as full access to 1001 Conveyancing Answers.

For further information, see our previous post Seven reasons to use the By Lawyers contract.

The By Lawyers legal and editorial teams ensure that the contract is immediately brought up to date with any changes in law or practice.

By Lawyers always keeps you up to date so you can enjoy practice more.

 

Contract of Sale of Land – VIC

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With the LIV contract not currently available through LEAP, the By Lawyers Contract of Sale of Land is available to all LEAP users until 1 March 2020. Beyond that date it will remain available to LEAP users who have By Lawyers as a companion product to their LEAP subscription. It can also be accessed by non-LEAP users through the By Lawyers website by subscribing to our Victorian Conveyancing Guide, which has many associated benefits such as full access to 1001 Conveyancing Answers.

Adapting to the use of the Russell Cocks authored By Lawyers contract should present few problems as Russell was the principal author of the LIV contracts, including the 2008 version which effectively overhauled the previous contract and established the current format, making the terms of the By Lawyers contract familiar and making numerous improvements.

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 By Lawyers contract removes the need for special conditions other than those covering special circumstances. It has a number of other advances over the LIV contract which further simplify the conveyancing process.

The By Lawyers legal and editorial teams ensure that the contract is immediately brought up to date with any changes in law or practice.

Recent amendments to the By Lawyers Contract of Sale of Land – Parts 1 and 2.

  • The ‘Payments’ section in Part 1 of the By Lawyers Contract of Sale of Land (VIC) has been amended for clarity regarding payment of GST;
  • A new clause has been added to Special Condition 14(f) of Part 2 which attaches a Flight v Booth type test to the purchaser’s ability to end the contract for unsatisfactory pest or building report;
  • The time for settlement has been moved from 3 pm to 4 pm to reflect current practice.

For further information see our previous post Seven reasons to use the By Lawyers contract.

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