New Changes to Sale of Land Act, retrospective to 23 August, 2018

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The Victorian Government has introduced new changes to the Sale of Land Act 1962 (the Act) effective as of 23rd August 2018.

The Act implements key outcomes of the Consumer Property Law Review’s examination of the Sale of Land Act 1962 (Vic) (the Act). The amendments aim to address ongoing issues in the Victorian property market, which the Government considers pose risks for consumers.

The Amendment Act has made a number of significant changes to the Act, which consumers and stakeholders within the Victorian property industry should be aware of. A summary of some key changes is as follows:

Note:

The new laws on sunset clauses apply retrospectively from 23 August 2018, with all other amendments of the Amendment Act to be implemented by no later than 1 March 2020. We will monitor the implementation of the changes and provide a further update when they come into effect.

Wednesday January 1st, 2020
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