Victorian Current Acts

SALE OF LAND ACT 1962

TABLE OF PROVISIONS

           Long Title

   1.      Short title and commencement  
   2.      Definitions  

   PART I--SALE OF LAND

           Division 1--General provisions relating to the sale and subdivision of land

   8.      Apportionment of mortgage moneys where land subdivided  
   8A.     Land which can be disposed of without being subdivided  
   9AA.    Sale of land prior to approval of plan  
   9AAA.   Insurance  
   9AB.    Disclosure of works  
   9AC.    Amendments to plan  
   9AD.    Possession  
   9AE.    Rescission of an off-the-plan contract  
   9AF.    Repayment of deposit moneys  
   9AH.    Where land sold does not accord with land in plan  
   10.     Amendment affecting pre-sold lots  
   10A.    Residential off-the-plan contracts and sunset clauses  
   10B.    Power of vendor to rescind a residential off-the-plan contract under sunset clause  
   10C.    Inconsistent provision of no effect  
   10D.    Purported rescission a breach of a residential  
   10E.    Vendor may obtain order of Supreme Court to rescind  
   10F.    Information to be included in sunset clause  
   10G.    Prohibition on recovering land tax or commercial and industrial property tax under contract of sale of land  
   10H.    Prohibition on recovering windfall gains tax under option or contract of sale of land  
   10I.    CPI adjusted threshold amount  
   11.     Owners corporation must have insurance policy  
   12.     Offences in relation to the sale of land  
   12A.    Guidelines  
   13.     Burden of proof as to knowledge of falsity of representation  
   14.     Certain agreements void  
   14B.    Further powers of arbitrator with respect to subdivisional land  
   15.     Notices  
   15A.    Approved building manual must be given to purchaser of land  
   16.     Offences  
   17.     Regulations  

           Division 2--Arbitrators

   18.     Power to Governor in Council to appoint arbitrators  
   19.     Appointment of arbitrators  
   20.     Power to arbitrators to appoint assessors  
   21.     Jurisdiction and powers of arbitrators  
   22.     Regulations  

           Division 3--Deposits

   23.     Definitions  
   24.     Deposit moneys held by legal practitioner, conveyancer or estate agent to be held as stakeholder  
   25.     Deposit moneys to be paid into special purpose account or held by legal practitioner, conveyancer or estate agent  
   26.     Application of deposit moneys where contract rescinded  
   27.     Release of deposit moneys in certain circumstances  
   28.     Powers of purchaser where contract in contravention of this Division  
   29.     Effect on terms contract deposit provisions  

           Division 4--Terms contracts

   29A.    What is a terms contract?  
   29AB.   Definitions  
   29B.    Which terms contracts are prohibited?  
   29C.    Exceptions to prohibition  
   29D.    When is a person presently entitled to become the registered proprietor?  
   29E.    Mistakes or mis-statements as to description  
   29EA.   Additional prohibited terms contracts  
   29EB.   Offence to arrange, broker or induce certain terms contracts  
   29EC.   Offence to advertise certain terms contracts  
   29F.    Purchaser may avoid prohibited terms contract  
   29G.    Certain provisions of terms contract void  
   29H.    Purchaser may call for a transfer on giving a mortgage back  
   29I.    What must the mortgage provide  
   29J.    Failure of vendor to comply with requirement  
   29K.    Subdivision to apply despite Trustee Act 1958 and other Acts  
   29L.    Arbitrator may determine questions  
   29M.    Restrictions on sale of land  
   29N.    Purchaser may avoid contract  
   29O.    Exception if mortgage to be discharged  
   29P.    Land subject to a terms contract not to be mortgaged by vendor  
   29Q.    Vendor may require purchaser to execute mortgage  
   29R.    Vendor to advance amount for duty payable  
   29S.    Contravention of mortgage requirements  
   29T.    Failure by purchaser to comply with notice  
   29U.    Arbitrator may determine questions  
   29V.    Constructive notice  
   29W.    Legal practitioner or conveyancer not to act for both vendor and purchaser under a terms contract  

           Division 5--Rent-to-buy arrangements

   29WA.   Application of Division  
   29WB.   Definitions  
   29WC.   Prohibition on rent-to-buy arrangements  
   29WD.   Offence to arrange, broker or induce rent‑to-buy arrangement  
   29WE.   Offence to advertise rent-to-buy arrangements  
   29WF.   Avoidance of certain rent-to-buy arrangements  
   29WG.   Return of money paid under contract to purchaser  

           Division 6--Options to purchase

   29WH.   Options to purchase  
   29WI.   Offence to fail to transfer money  

   PART II--MISCELLANEOUS PROVISIONS

   30.     Definitions  

           Division 1--Cooling-off periods

   31.     Power of purchaser to terminate a contract for sale of land  
   31A.    Validation of notice given to estate agent  

           Division 2--Section 32 statement

   32.     Statement of matters affecting land being sold  
   32A.    Financial matters in respect of the land to be disclosed in section 32 statement  
   32B.    Insurance details in respect of the land to be disclosed in section 32 statement  
   32C.    Matters relating to land use to be disclosed in section 32 statement  
   32D.    Notices made in respect of land to be disclosed in section 32 statement  
   32E.    Building permits issued in respect of land to be disclosed in section 32 statement  
   32F.    Information relating to any owners corporation to be disclosed in section 32 statement  
   32G.    Growth areas infrastructure contribution details to be disclosed in section 32 statement  
   32H.    Disclosure of non-connected services in section 32 statement  
   32I.    Evidence of title required to be disclosed in section 32 statement  
   32J.    Information required for a section 32 statement contained in a certificate, notice, policy of insurance or other document  
   32K.    Supply of false information or failure to supply information in section 32 statement or failure to supply section 32 statement may result in rescission  
   32L.    Offence to provide false or incomplete information in section 32 statement or fail to provide statement  
   32M.    Other circumstance where purchaser may rescind contract of sale  
   32N.    Contract provision that excludes, modifies or restricts Division is void  
   32O.    Circumstance where vendor is not required to give purchaser another section 32 statement  
   32P.    Agreement to transfer forest carbon right not a contract for the sale of land  

           Division 2A--Due diligence checklist

   33.     Definitions  
   33A.    What is a due diligence checklist?  
   33B.    Due diligence checklist to be made available  
   33C.    Due diligence checklist to be published on Internet  

           Division 3--Insurance

   34.     Power of purchaser to rescind contract where house destroyed  
   35.     Insurance held by vendor to enure for benefit of purchaser  
   36.     Damage to land  

           Division 4--Public auctions

   37.     This Division applies to publicly advertised auctions  
   38.     Dummy bidding prohibited  
   39.     Offences by auctioneers  
   40.     Offence to procure dummy bid  
   41.     Permissible vendor bids  
   42.     Offence to falsely acknowledge bid  
   43.     Conditions of auctions to be made available before auction starts  
   44.     Right to compensation if Division breached  
   45.     Contrary conditions are void  
   46.     Last vendor bids must be identified if property passed in  
   47.     Disruption of auction prohibited  
   48.     Regulations  

   PART IIA--ENFORCEMENT

   48A.    Application of Australian Consumer Law and Fair Trading Act 2012  
   48B.    Infringement notices  

   PART 3--SAVINGS AND TRANSITIONAL PROVISIONS

           Division 1--Miscellaneous

   49.     Application of amendment to section 32—Agriculture Legislation (Amendments and Repeals) Act 2002  
   50.     Transitional provision—Purchaser may deduct growth areas infrastructure contribution from purchase price  
   51.     Amendment to section 9AA—Consumer Affairs Legislation Amendment (Reform) Act 2010  
   52.     Substitution of Division 2 of Part II—Sale of Land Amendment Act 2014  

           Division 2--Sale of Land Amendment Act 2019

   53.     Definition  
   54.     Residential off-the-plan contracts and sunset clauses  
   55.     Residential terms contracts  
   56.     Rent-to-buy arrangements  
   57.     Options to purchase  
   58.     Apportionment of amounts under contracts of sale of land  
           SCHEDULE 1
           SCHEDULE 2
           ENDNOTES