South Australian Consolidated Acts

LAND AND BUSINESS (SALE AND CONVEYANCING) ACT 1994 - SECT 7

7—Particulars to be supplied to purchaser of land before settlement

        (1)         A vendor of land must, at least 10 clear days before the date of settlement, serve, or cause to be served, on the purchaser a statement in the form required by regulation (signed by the vendor) setting out—

            (a)         the rights of a purchaser under section 5; and

            (b)         the particulars required by regulation of—

                  (i)         all mortgages, charges and prescribed encumbrances affecting the land subject to the sale; and

                  (ii)         if the vendor acquired a relevant interest in the land within 12 months before the date of the contract of sale—all transactions relating to the acquisition of the interest occurring within that period; and

                  (iii)         any prescribed matters.

        (2)         For the purposes of subsection (1)(b)(ii), where a person enters into a transaction for the purpose of obtaining title to land and an instrument of transfer, conveyance or other instrument relating to the transaction is lodged at the Land Titles Registration Office or the General Registry Office, the person will be taken to have obtained title to the land not later than the day on which the instrument of transfer, conveyance or other instrument is so lodged.

        (3)         The statement need not include reference to charges arising from the imposition of rates or taxes less than 12 months before the date of service of the statement.

        (4)         This section—

            (a)         applies only to the sale of land where the interest being sold is an estate in fee simple or leasehold interest granted by the Crown under an Act;

            (b)         does not apply where land is sold under a contract for the sale of a business.

        (5)         In this section—

"acquired a relevant interest in the land" means—

            (a)         obtained title to the land; or

            (b)         obtained an option to purchase the land; or

            (c)         entered into a contract to purchase the land (whether on the vendor's own behalf or on behalf of another); or

            (d)         obtained an interest in the land of a category prescribed by regulation for the purposes of this definition.