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De-regulated contract of sale of land

De-regulated contract of sale of land

By Russell Cocks

Conveyancing Practice & Procedure Real Property 

What are the consequences of the sunsetting of the regulations prescribing the standard contract of sale of land? Snapshot:
Prescribed contract regulations revoked
Only affects estate agents
Does not affect legal practitioners or conveyancers
The Estate Agents (Contracts) Regulations 2008 reached their sunset date on 11 August 2018, pursuant to the Subordinate Legislation Act 1994. As a consequence, those regulations, and amending regulations in 2011 and 2014, are revoked. The standard form contract almost universally used in Victoria for the sale of land is described in those now revoked regulations as the “prescribed” contract and the thought that the prescribed contract has now lost its regulatory basis would appear, at first glance at least, to be a worrying development.

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