New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 66K

66K Postponement of passing of risk to purchaser

(1) The risk in respect of damage to land shall not pass to the purchaser under a contract for the sale of the land until--

(a) the completion of the sale, or

(b) the time stipulated by the parties to the contract, being a time after the purchaser enters into, or is entitled to enter into, possession of the land,

whichever first occurs.

(2) The reference in subsection (1) to possession of land includes a reference to--

(a) the occupation of the land (whether pursuant to a licence or otherwise) pending completion of the sale of the land, and

(b) the receipt of income from the land.