What’s this about?
The proposed Conveyancing (Sale of Land) Regulation 2022 is intended to replace the existing Conveyancing (Sale of Land) Regulation 2017, which will end on 1 September 2022.
The Regulation sets out disclosure obligations for vendors in conveyancing transactions conducted through contracts for the sale of land (including off the plan) and options for the purchase of residential property. It provides purchasers with remedies including the right to rescind contracts if disclosure obligations are not met.
New provisions have been proposed in the draft Regulation to clarify requirements for contracts arising from options to purchase land, and to confirm that a cooling off period does not apply to contracts arising from put options (in the same way as for contracts arising from call options).
A Regulatory Impact Statement has been prepared which sets out the detail of the proposed Regulation and discusses key changes. The Regulatory Impact Statement also seeks feedback on whether current disclosure requirements meet the needs of the community, and whether there may be more efficient ways for disclosure to be made, particularly using digital processes.
Your feedback is welcome on all aspects of the proposed Regulation as well as matters raised specifically in the Regulatory Impact Statement.
Please access the relevant documents here:
Have your say
Have your say by 15 July 2022. You can provide feedback using the details below.
Please note: All submissions will be made public unless clearly marked confidential.
Address: Conveyancing (Sale of Land) Regulation 2022, Office of the Registrar General, McKell Building, Level 7, 2-24 Rawson Place SYDNEY NSW 2000