Estate Agents (Contracts) Amendment Regulations 2011
S.R. No. 163/2011
TABLE OF PROVISIONS
Regulation Page
1Objective
2Authorising provision
3Commencement
4Principal Regulations
5Contract of sale of real estate—particulars of sale
Form 1—Contract of Sale of Real Estate—Particulars of Sale
6Contract of sale of real estate—general conditions
7.Release of security interest
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ENDNOTES
STATUTORY RULES 2011
S.R. No. 163/2011
Estate Agents Act 1980
Estate Agents (Contracts) Amendment Regulations 2011
The Governor in Council makes the following Regulations:
Dated: 21 December 2011
Responsible Minister:
MICHAEL O'BRIEN
Minister for Consumer AffairsMATTHEW McBEATH
Clerk of the Executive Council
1Objective
The objective of these Regulations is to amend the Estate Agents (Contracts) Regulations 2008 to amend the standard forms of contracts prescribed for the purposes of section 53A of the Estate Agents Act 1980 in order to comply with amendments made to the Sale of Land Act 1962 by Part 7 of the Consumer Affairs Legislation Amendment (Reform) Act 2010 and as a consequence of the enactment of the Personal Property Securities Act 2009 of the Commonwealth.
2Authorising provision
These Regulations are made under section 99(1)(ge) of the Estate Agents Act 1980.
3Commencement
These Regulations come into operation on 1 March 2012.
4Principal Regulations
In these Regulations, the Estate Agents (Contracts) Regulations 2008[1] are called the Principal Regulations.
5Contract of sale of real estate—particulars of sale
For Form 1 in the Schedule to the Principal Regulations, substitute—
"FORM 1
Estate Agents Act 1980
Regulation 5(a)
CONTRACT OF SALE OF REAL ESTATE—PARTICULARS OF SALE
Part 1 of the standard form of contract prescribed by the
Estate Agents (Contracts) Regulations 2008Property Address:
The vendor agrees to sell and the purchaser agrees to buy the property, being the land and the goods, for the price and on the terms set out in this contract.
The terms of this contract are contained in the—
· Particulars of sale; and
· Special conditions, if any; and
· General conditions; and
· Vendor's Statement
and in that order of priority.
The Vendor's Statement required by section 32(1) of the Sale of Land Act1962 is attached to and forms part of the terms of this contract.
IMPORTANT NOTICE TO PURCHASERS
Cooling-off period Section 31
Sale of Land Act 1962
You may end this contract within 3 clear business days of the day that you sign the contract if none of the exceptions listed below applies to you.
You must either give the vendor or the vendor's agent written notice that you are ending the contract or leave the notice at the address of the vendor or the vendor's agent to end this contract within this time in accordance with this cooling-off provision.
You are entitled to a refund of all the money you paid EXCEPT for $100 or 0×2% of the purchase price (whichever is more) if you end the contract in this way.
EXCEPTIONS
The 3-day cooling-off period does not apply if—
· you bought the property at or within 3 clear business days before or…