NSW Conveyancing (Sale of Land) Regulation 2022
Conveyancing Act Part 4 Division 9 and Regulation Part 4: Options – NSW Conveyancing (Sale of Land) Regulation 2022

NSW Conveyancing (Sale of Land) Regulation 2022 18-20: Options over residential property: implied warranty, prescribed documents and the cooling off statement

What does 18-20 require?

A vendor under an option must attach the proposed contract and the prescribed documents, and the option then includes the Schedule 2 Part 2 warranty (clause 18), with the purchaser able to rescind the option for breach of the warranty within the time clause 22 fixes. Options over residential property must contain the statement in Schedule 5 Form 2 about the cooling off period for options (clause 20 for section 66ZH), clearly legible and prominently located, and section 66ZG voids options that are used to defeat the cooling off scheme. Clause 19 exempts the Schedule 4 Part 4 options and Part 5 land, other than options granted by a mortgagee exercising a power of sale or over the equity of redemption.

Maintained by Gerard Blokdyk

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