The Conveyancing (Sale of Land) Regulation has been updated to a 2022 version. Due to this update, the Law Society of New South Wales has released a 2022 edition of the Contract for Sale and Purchase of Land in New South Wales which supersedes the 2019 edition.
The 2022 edition has revised forms of prescribed notices and cooling off notice as required by the Regulation. Some of the changes in the 2022 edition of the contract including the following:
- New inclusions including air-conditioning, ceiling fans and EV charger.
- A much more detailed execution page.
- Clauses have been restructured in recognition of transactions now predominantly occurring as an electronic conveyance through an electronic lodgement network and the minority of transactions occurring as a manual paper transaction.
- Payment of deposit by electronic funds transfer according to the terms of the contract.
- The submission of a GSTRW (Goods and Services Residential Withholding) payment notification form has been reduced from five days to two business days.
- Changes to deal with first home buyer choice property tax, in the event that it forms a charge on the land, and clarification that this tax is to be adjusted.
- Clauses dealing with the electronic execution of contracts.
- A myriad of other minor changes as well.
The 2019 contract will no longer be available for purchase by solicitors and conveyancers. The 2022 edition contract should be being phased in as it is now available for purchase.
What version should be used? Either the revised form or the pre-1 September 2022 form of the notices may be used in a contract which is exchanged/made from and including 1 September 2022 to 28 February 2023. The revised form of the notices must be used in a contract which is exchanged/made from and including 1 March 2023.