The Consumer Affairs Legislation Further Amendment Bill 2014 (Bill) is currently before the Victorian Parliament. The Bill seeks to amend several Acts, including the Owners Corporation Act 2006 and the Sale of Land Act 1962.
The proposed amendments to the Owners Corporation Act 2006 primarily relate to the appointment of Owners Corporation managers and their duties in respect of how trust money is held and their disclosure and reporting obligations.
The Bill seeks to amend the provisions of the Sale of Land Act 1962 to provide clarity in relation to terms contracts. The amendments propose to ensure that terms contracts are not created where a purchaser is given permission to occupy the land prior to settlement or when a defaulting purchaser makes additional payments. Further, a payment which is specified in the contract of sale to be a deposit and which is payable within 60 days of the execution of the contract of sale is deemed a deposit, and as such is not an instalment payment which may cause the contract to become a terms contract.
Please contact us if you would like further information in respect of the amendments proposed by the Bill.
03 9611 0157