Weekly News Alert

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1. The new Conveyancing (Sale of Land) Regulation 2017 received assent last Friday and will commence on 1 September 2017. We particularly draw everyone’ s attention to the changes to:
Schedule 1 including
a new prescribed warning notice for contract of sale for loose-fill asbestos insulation and;
the requirement for contract of sale to attach both sewer diagrams (where available) and;
the requirement for contract of sale to attach all by-laws currently in force when selling a strata lot.
The prescribed warranties in Schedule 2 particularly in relation to strata renewal.

2. Changes to existing document types:
Off the Plan
A new question on principal place of residence has been added to off the plan assessments.
To be eligible for a 12 month duty deferral all purchasers must be individuals and at least one purchaser will occupy the property as their principal place of residence in accordance with the residence requirement.

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