triSearch has updated its electronic contract (eCOS), reflecting changes made by the NSW Office of the Registrar General (ORG) earlier this month.
The ORG released a new Conveyancing (Sale of Land) Regulation 2022, active from Thursday, 1 September 2022, focusing on simplifying the structure and readability to its previous counterpart.
The new regulations included updates to the contract of sale, all of which have been included in the currently available eCOS through the triSearch platform.
The 2022 NSW Contract of Sale is now available to order through the triSearch platform. With any contracts ordered from the 2019 NSW Contract of Sale still valid during an allocated ORG transition period extending until February 2023.
According to ORG, the new Regulation continues to support the Conveyancing Act 1919 by setting out disclosure obligations for vendors in conveyancing transactions conducted through contracts for the sale of land (including off the plan) and options for the purchase of residential property.
It provides purchasers with remedies, including the right to rescind contracts within a certain time if disclosure obligations are not met.
However, the Regulation does not introduce any new disclosure requirements.
What’s changing to the electronic contract?
The Regulation has been amended to simplify its structure and readability. The minor changes include:
- For contracts arising from certain options:
- to clarify the disclosure requirements for contracts arising from options to purchase land; and
- to confirm that a cooling off period does not apply to contracts arising from ‘put options’, so that these documents are treated in the same way as for contracts arising from ‘call options’.
- The Regulation makes updates to modernise language and removes outdated legislative references (including within the prescribed warning notices and prescribed form of cooling off notices, although the substance of these notices has not changed).
When do the changes apply?
Changes to the Regulation will start from 1 September 2022 but will have a six-month transition period which will be in effect until 28 February 2023.
Anything actioned in connection with a contract that complies with the Conveyancing (Sale of Land) Regulation 2017 will still comply with the 2022 Regulation during this transition period.
The ORG added: “This transitional provision will assist in circumstances where contracts that have been prepared before 1 September 2022 are not exchanged until shortly after the new Regulation commences.”
For more information read the new Regulation here, or contact the Office of the Registrar General on ORG-Admin@customerservice.nsw.gov.au.
To ensure you’re conducting the most effective workflow with your electronic contract, book a demonstration with triSearch experts today.
Image: Facebook – Surveying & Spatial Sciences Institute (SSSI) NSW
