Victorian Numbered Acts

SALE OF LAND AMENDMENT ACT 2019 (NO. 14 OF 2019) - SECT 20

After section 29E of the Principal Act insert —

        " 29EA     Additional prohibited terms contracts

A person must not knowingly sell any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

Penalty:     For a natural person, 240 penalty units or imprisonment for 2 years or both;

For a body corporate, 1200 penalty units.

        29EB     Offence to arrange, broker or induce certain terms contracts

    (1)     A person must not knowingly arrange or broker the sale of any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

Penalty:     For a natural person, 240 penalty units or imprisonment for 2 years or both;

For a body corporate, 1200 penalty units.

    (2)     A person must not knowingly induce another person to enter into a sale of any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

Penalty:     For a natural person, 240 penalty units or imprisonment for 2 years or both;

For a body corporate, 1200 penalty units.

        29EC     Offence to advertise certain terms contracts

A person must not knowingly advertise the sale of any residential land (other than residential land that is agricultural land) under a terms contract where the sale price of the land is less than the prescribed amount.

Penalty:     For a natural person, 120 penalty units;

For a body corporate, 500 penalty units.".