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AUCTIONEERS AND AGENTS (SALE OF LAND) AMENDMENT
BILL 1989*
NEW SOUTH WALES
This Bill is cognate with the Conveyancing (Sale of Land) Amendment Bill 1989.
The object of this Bill is to amend the Auctioneers and Agents Act 1941 in
relation to the sale of residential property
(a) to continue (in an expanded form) the requirement for a contract for the sale
of land to be available for inspection by a purchaser as soon as a licensee
offers residential property for sale (failure to do this is an offence) -
proposed section 84AA; and
(b) to empower licensees to insert limited details into a proposed contract for
the sale of land, to insert or delete inclusions in the contract and to exchange
contracts - proposed section 84AB; and
(c) to enact provisions consequent on the rescission provisions to be inserted
by the Conveyancing (Sale of Land) Amendment Bill 1989, so as to
authorise a licensee to pay the 0.25 per cent forfeited deposit to the vendor
and the balance to the purchaser - proposed section 84AC.
Clause 1 specifies the short title of the proposed Act.
Clause 2 provides that the proposed Act commences when the proposed
Conveyancing (Sale of Land) Amendment Act 1989 commences.
Clause 3 amends the Auctioneers and Agents Act 1941 by omitting section 84AA
and by inserting proposed sections 84AA84AC. The effect of the proposed sections
is as described above.
* Amended in committee - see table at end of volume.