Amendments to LIV/REIV Co-Branded Contract of Sale

Amendments to LIV/REIV Co-Branded Contract of Sale

Dear Clients,

I would just like to inform you of the recent amendments to the Contract of Sale, of which you may not be aware, made available to us by the Law Institute of Victoria, which states -

In June 2013, the LIV and REIV made the following changes to the LIV/REIV Co-Branded Contract of Sale of Real Estate (LIV/REIV Contract):

  1.  Amendment of general condition 7 (Personal Property Securities Act 2009 (Cth) provisions) of part 2 of the LIV/REIV Contract in light of experience gained from dealing with the Personal Property Securities Act 2009 (Cth) in recent years;
  2.  Amendment of general condition 13 (GST provisions) of part 2 of the LIV / REIV Contract
    – this is a refinement of wording which will not affect the substance of the general condition;
  3. Amendment of general condition 17 (service provisions) of part 2 of the LIV / REIV Contract to provide for email service;
  4. Amendment of general condition 18 (nominee provisions) of part 2 of the LIV / REIV Contract to clarify that a nomination does not substitute the nominee as ‘purchaser’ but rather allows the nominee to be an additional or replacement ‘transferee’; and
  5. Insertion of a new general condition 12.4 (stakeholding provisions) into part 2 of the LIV/REIV Contract which clarifies when a purchaser is deemed to have accepted title for the purposes of a release of the deposit under s27(7) of the Sale of Land Act 1962.

All of the above amendments have been made by special condition, as amendment to the general conditions in part 2 of the Standard Contract is not possible until the Estate Agents (Contracts) Regulations 2008 are amended (there is a vendor warranty in part 2 of the LIV / REIV Contract that the general conditions are the same as those prescribed by those Regulations). The special conditions are on pages 4 - 5 of the revised LIV/REIV Contract.

At Costanzo Lawyers, we shall continue to update you on any essential amendments or legislative updates that we feel you should know. For any further queries or questions, please do not hesitate to contact us via email or phone.

Regards, Frank Costanzo

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