A new precedent Deed of variation of contract has been added to the By Lawyers Conveyancing Sale and Purchase guides for Queensland within folder B. CONTRACT > IF REQUIRED – DEED OF VARIATION OF CONTRACT.

The deed is in line with Public Ruling DA501.1.1 which sets out the Commissioner of State Revenue’s practice in relation to the variation of the purchase price or, another essential element, of an agreement for the transfer of land.

The public ruling provides for the terms of an agreement to be varied, including for a reduction in the purchase price, by deed and states that the agreement must be read in accordance with the provisions of the deed of variation. This process is in accordance with common law principles and will be acceptable to the Commissioner for the purposes of assessment of transfer duty. Any assessment of transfer duty based on a formally varied agreement will be made having regard to the terms of the formal amendments indicated by the parties in the deed.

This precedent was added in response to feedback from a By Lawyers user.