Monday, August 30, 2010

Contract page 2a

Conveyancing Alert
There is a new Prescribed Document for annexure to the Contract for Sale of Land from 1 September 2010. The notice with the heading "Warning- Swimming Pools" as a new prescribed document (Item 14, Schedule 1). It also provides that the other prescribed notices currently included in the Contract for Sale of Land -2005 edition (Contract) should be printed in a designated font size.
If the correct prescribed Notices are not attached to a Contract from 1 September 2010, a purchaser may rescind the Contract at any time prior to completion in the case of the "cooling off" notice (clauses 11 and 14) and within 14 days of exchange in the case of the remaining prescribed notices (Clause 16).
The new prescribed notice is required for ALL contracts whether or not there is a swimming pool located on the property.