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The Contract for Sale and Purchase of Land is live

17 November 2014
The Law Society of NSW together with REINSW issued the 2014 edition of the Contract for Sale and Purchase of Land on Monday, 17 November 2014.

The 2014 edition is only available electronically through the Law Society website on the updated Electronic Contract for Sale of Land (ECOS) platform.

The website has been designed specifically for the purpose of allowing customers to purchase the new 2014 edition, but also supports the electronic version of the 2005 edition. The 2005 edition of the Contract for Sale of Land will continue to be available for purchase electronically via the ECOS website and in hardcopy form from REINSW, the Law Society and selected retailers until at least the end of 2015.

The new ECOS website is a streamlined and simplified system. Agents will find information on the differences between the 2005 and 2014 contract editions and other useful information on the Law Society of NSW website.

Remaining relevant
Since the last update in 2005, the new contract, now called the Contract for Sale and Purchase of Land has been a long time coming.

The Contract for Sale and Purchase of Land is generally re-issued about once every four years; legislation changes frequently, courts are regularly handing down decisions regarding conveyancing disputes, and technology impacts the way agents operate. All of these factors make it vital that the Contract be kept up to date.

Legal author and commentator, Tony Cahill, said that the nine-year wait for a new version is unusual.

“The main reasons why the Contract has not been updated earlier related to developing a more efficient and user-friendly way to deliver the Contract and the introduction of electronic conveyancing in New South Wales. E-conveyancing is already operating for mortgages, and should be extended to sales and transfers of ownership over the next few months. The Contract will deal in depth with the ‘nuts and bolts’ of the process.”

If you have any questions regarding the new Contract for Sale and Purchase of Land, call the REINSW Helpline on (02) 9264 2343 or email helpline@reinsw.com.au

 




Upcoming webinar - free and exclusive to REINSW members

Overview of the New Contract for Sale - 8 December 2014 (10.00am to 11.00am)
Find out about all the key changes to the new edition of the Contract. In this one-hour webinar, you'll find out what you need to be aware of as an agent and how the changes will impact you and your clients. Find out more and enrol >>>
 









Upcoming webinars

Overview of the New Contract for Sale - 8 December 2014 (10.00am to 11.00am)
Find out about all the key changes to the new edition of the Contract. In this one-hour webinar, you'll find out what you need to be aware of as an agent and how the changes will impact you and your clients. Find out more and enrol >>>

Property Manager or Builder? - Part 1 - 10 December 2014 (10.00am to 11.00am)
Find out how property managers can manage the safety risks involved with swimming pools and decks and balconies. REINSW Trainer Jo-Anne Hamilton sits down for a chat with Master Builders Association of NSW Qualifications Coordinator Dean Edser in this one-hour webinar. Find out more and enrol >>>