Authority Updates - Victoria - June 2016

Sale of Land and the Property Law Act Amendments

The Consumer Acts and Other Acts Amendment Act 2016 No 23 (Vic) was assented to on 10 May 2016

This act updates both the Sale of Land Act 1962 and the Property Law Act 1958 to amend variances in these Acts.  These amendments will come into effect on 1 June 2016.

Sections 29W(1), (2), (3) & (4a) of the Sale of Land Act will apply to conveyancers as well as legal practitioners. This means that the same restrictions of  acting for both the vendor and purchaser under a terms contract will now that apply to both legal practitioners and conveyancers. 

Section 42(3) of the Property Law Act now means that the same conditions that apply to legal practitioners in relation to the payment by a purchaser of costs and expenses under a contract for the sale of land apply to conveyancers.

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Disclaimer: The information herein has been prepared by SAI Global Property Division Pty Ltd ACN 089 586 872 from information released by the Authority cited on this page. It is provided as general background information only; it is not complete; and it does not comprehensively address this subject matter. Readers should not consider the information so provided as advice nor as a recommendation to take any particular course of action. Persons needing advice should consult their own solicitor, accountant or other professional adviser.