All Provisions Important, Especially

Conveyancing Act 1919

All provisions important, especially:-

Section
13 / Stipulations not of essence of contracts (as to time or otherwise)
23C / Instruments req’d to be in writing (creation/transfer of interest in land)
26 / Construction of conveyance of pty to 2> deemed to be as TIC
52A / Contracts for Sale of ANY land
52A(2)(a) - before P signs C/S, V to attach pd
52A(2)(b) - C/S deemed to include terms, conds & warranties as prescribed
52A(4) – can’t contract out
54A / Contracts for sale of land to be in writing signed by or obo party to be charged
55(2A) / Right of purchaser to recover deposit where Court refuses SP or P claims return of dep
56 / No rescission by V on P’s objection/requisition until P has reasonable opportunity to waive objection/req
Division 7 / Passing of risk between vendor and purchaser
66J / Dfns Land includes buildings & other fixtures; damage includes destruction
66K / Postponement of passing of risk to P (earlier of completion of possession)
66L / Power to rescind where land substantially damaged
66M / Abatement of purchase price where land damaged (even if substantial)
66N / Refusal by court to enforce SP against V if unjust or inequitable
66O / Contracting out (Division applies if dwelling house; aliter, subject to contrary stipulation)
Division 8 / Sale of Residential Property
66P / Dfns
66Q / Meaning of residential property:- (1)(a): land on which are situated (or in course of construction) not more than 2 places of residence (ie designed for use a single dwelling only – ss3), (1)(b) vacant land if on which construction of a single place of residence is not prohibited or (1)(c) a strata lot designed for a place of residence but (2) does not include (a) land used for wholly non-residential purposes, and (b) land more than 2.5 hectares in area
66R / Preparation of proposed contract for sale of land/residential property to be available for inspection
66S / Cooling off period (ie from exch ending at 5pm on 5th business day after date of ex)
66T / No COP in certain cases (a) s66Wcert; (b) if sold at auction, (c) sold on day of auction, or (d) pursuant to exercise of an option
66U / Cooling off rights – P may rescind if notice served within COP
66V / Consequences of rescission: (1): contract deemed rescinded ab initio & (2) P forfeits 0.25% price to V
66W / Certificates
66X / Contract to contain statement re COP; if not, (2) P can rescind at any time and (3) no forfeiture by P