Written by The Conveyancing (Sale of Land) Regulation 2022 commenced on 1 September 2022, replacing the Conveyancing (Sale of Land) Regulation 2017. However, the Regulation has a 6 month ‘transitional period’ in which anything that complies with the 2017 Regulation will be taken to comply with the 2022 Regulation.
The new Regulation sets out disclosure obligations for vendors in conveyancing transactions conducted through contracts of sale of land (including off the plan) and options for the purchase of residential property. Vendors are required to disclose all ‘material particulars,’ defined in the Regulation as a provision of any document (such as a strata management statement, a building management statement, a strata development contract or a development contract) that will, or is likely to adversely affect the use or enjoyment of the subject lot.
It also provides purchasers with remedies including the right to rescind contracts within a certain time if the disclosure obligations have not been met. Importantly, the regulation does not introduce any new disclosure requirements.