The Land and Business (Sale and Conveyancing) Regulations 2010 (the new regulations) will commence on 31 August 2010. These will replace the Land and Business (Sale and Conveyancing) Regulations 1995, which are due to expire on 1 September 2010.
The new regulations are the same as the existing regulations with some minor changes. Like when the current regulations were updated in September 2009 and March 2010, Form 1 and 2 vendors statements prepared in the two months prior to the commencement of the new regulations can continue to be used provided they are accurate on the date of service.
The minor changes are:
Forms 1 and 2 have had some of their paragraph numbers amended as part of the redrafting process. To give people time to adjust to this change, vendor statements prepared between 31 August 2010 and 1 December 2010 need not have the amended paragraph numbers.
Form 2 has been amended to remove the requirement to provide a WorkCover statement. The WorkCover note in the form has also been amended to reflect changes to WorkCover scheme. Again, to give people time to adjust to this change, the existing form 2 can continue to be used until 1 December 2010 (but must have a WorkCover statement attached if used).
Forms R2, R3, R5 and R7 have been altered by changing references to regulation numbers at the top of the forms. Again, however, existing forms can be used until 1 December 2010.
Form 3 (certificate of legal practitioner and waiver by purchaser) has been amended to clarify that a purchaser can waive all their rights under Part 2 of the Land and Business (Sale and Conveyancing) Act 1994; not just the cooling-off period.
Forms relating to dual representation may look different but there is no substantive change. Conveyancers may continue to use the existing forms.
Finally, a reminder about the new environment protection requirements (for forms 1 and 2) that were announced some time ago. Those changes have been included in the new 2010 regulations and will commence as scheduled on 31 August 2010.
The new regulations at the time of writing, are expected to be gazetted in the SA Government Gazette on 26 August 2010 at www.governmentgazette.sa.gov.au. Current and historical versions of the regulations can be found on the SA legislation website at www.legislation.sa.gov.au.
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Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
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