With changes to the Conveyancing (Sale of Land) Regulation 2022, 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. The previous edition was the 2019 edition.
The 2022 edition has the 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:
As a sales agent you should expect to continue to be using the 2019 contracts as these 2019 contracts are still available for purchase by solicitors and conveyancers until late October. However, you should start to see the 2022 edition contract from now as it is available for purchase.
The prescribed notices contained in the 2019 edition can be continued to be used until 28 February 2023 as there is a transitional provision – but it cannot be used for contracts entered into on or after 1 March 2023.
You will need to set a reminder for your office that if you are still holding contracts with the 2019 front page and corresponding documents in February, those contracts cannot be used after 1 March 2023 and correspondence with your vendor’s solicitors should be made to ensure the contracts are updated and valid.