South Australian Consolidated Regulations

LAND AND BUSINESS (SALE AND CONVEYANCING) REGULATIONS 1995

under the Land and Business (Sale and Conveyancing)
Act 1994

TABLE OF PROVISIONS

   PART 1--Preliminary

   1.      Short title
   3.      Interpretation

   PART 2--Contracts for sale of land or businesses

   4.      Forms
   5.      Qualified accountant
   6.      Cooling-off--form of certificate of legal practitioner as to independent advice
   6A.     Sale of land--instalment agreements
   7.      Sale of land--form of vendor's statement
   8.      Sale of land--particulars required, prescribed encumbrances and prescribed matters
   9.      Sale of small business--form of vendor's statement
   10.     Sale of small business--prescribed particulars
   11.     Sale of small business--form of accountant's certificate
   12.     Sale of land--prescribed inquiries
   13.     Sale of land--form of agent's certificate
   14.     Auctioneer to make statements available
   15.     Sale of land--provision of information etc by councils, statutory authorities and prescribed bodies
   15A.    Prescribed notice to be given to purchaser
   16.     Defences
   16A.    Authority to act as agent
   16B.    Requirements relating to offers to purchase residential land
   16C.    Financial and investment advice
   16D.    Agent to disclose certain benefits connected with sale or purchase
   16E.    Agent to supply valuation in prescribed circumstances
   16F.    Agent not to act for both purchaser and vendor of land or business
   16G.    Restriction on obtaining beneficial interest where agent authorised to sell or appraises property
   16H.    Prescribed standard conditions for auctions of residential land
   16I.    Preliminary actions and records required for auctions of residential land
   16J.    Collusive practices at auctions of land or businesses

   PART 3--Dual representation

   17.     Circumstances in which conveyancer may act for both parties
   18.     Conveyancer must cease to act if conflict of interest arises
   19.     Meaning of conflict of interest

   PART 4--Miscellaneous

   20.     Keeping of records
           SCHEDULE 1--Contracts for sale of land or businesses--forms
           SCHEDULE 1A--Prescribed notice to be given to purchaser
           SCHEDULE 2--Contracts for sale of land or businesses--inquiries
           SCHEDULE 2A--Financial and investment advice--specified information and warnings
           SCHEDULE 2B--Disclosure of benefits
           SCHEDULE 2C--Prescribed standard conditions for auctions of residential land
           SCHEDULE 2D--Collusive practices at auctions of land or businesses
           SCHEDULE 3--Contracts for sale of land or businesses--fees
           SCHEDULE 4--Dual representation--forms
           SCHEDULE 5--Transitional provisions
           Legislative history

           Appendix--Divisional penalties and expiation fees