Victorian Consolidated Legislation

SALE OF LAND ACT 1962

No. 6975 of 1962
Version incorporating amendments as at 1 December 2008

TABLE OF PROVISIONS

           Section Page
   1.      Short title and commencement
   2.      Definitions

   PART I-SALE OF LAND

           Division 1-General provisions relating to the sale and subdivision of land

           3-7. Repealed
   8.      Apportionment of mortgage moneys where land subdivided
   8A.     Land which can be disposed of without being subdivided
   9.      Repealed
   9AA.    Sale of land prior to approval of plan
   9AAA.   Insurance
   9AB.    Disclosure of works
   9AC.    Amendments to plan
   9AD.    Possession
   9AE.    Rescission of prescribed contract
   9AF.    Repayment of deposit moneys
   9AG.    Repealed
   9AH.    Where land sold does not accord with land in plan
   9A.     Repealed
   10.     Amendment affecting pre-sold lots
   11.     Owners corporation must have insurance policy
   12.     Offences in relation to the sale of land
   13.     Burden of proof as to knowledge of falsity of representation
   14.     Certain agreements void
   14A.    Repealed
   14B.    Further powers of arbitrator with respect to subdivisional land
   15.     Notices
   16.     Offences
   17.     Regulations

           Division 2-Arbitrators

   18.     Power to Governor in Council to appoint arbitrators
   19.     Appointment of arbitrators
   20.     Power to arbitrators to appoint assessors
   21.     Jurisdiction and powers of arbitrators
   22.     Regulations

           Division 3-Deposits

   23.     Definitions
   24.     Deposit moneys held by legal practitioner, conveyancer or
           estate agent to be held as stakeholder
   25.     Deposit moneys to be paid into special purpose account or held by legal practitioner, conveyancer or estate agent
   26.     Application of deposit moneys where contract rescinded
   27.     Release of deposit moneys in certain circumstances
   28.     Powers of purchaser where contract in contravention of this Division
   29.     Effect on terms contract deposit provisions

           Division 4-Terms contracts
           Subdivision 1-Introductory

   29A.    What is a terms contract?
           Subdivision 2-Certain terms contracts prohibited
   29B.    Which terms contracts are prohibited?
   29C.    Exceptions to prohibition
   29D.    When is a person presently entitled to become the registered proprietor?
   29E.    Mistakes or mis-statements as to description
   29F.    Purchaser may avoid prohibited terms contract
   29G.    Certain provisions of terms contract void
           Subdivision 3-Transfer and mortgage back
   29H.    Purchaser may call for a transfer on giving a mortgage back
   29I.    What must the mortgage provide
   29J.    Failure of vendor to comply with requirement
   29K.    Subdivision to apply despite Trustee Act 1958 and other Acts
   29L.    Arbitrator may determine questions
           Subdivision 4-Mortgages and terms contracts
   29M.    Restrictions on sale of land
   29N.    Purchaser may avoid contract
   29O.    Exception if mortgage to be discharged
   29P.    Land subject to a terms contract not to be mortgaged by vendor
   29Q.    Vendor may require purchaser to execute mortgage
   29R.    Vendor to advance amount for duty payable
   29S.    Contravention of mortgage requirements
   29T.    Failure by purchaser to comply with notice
   29U.    Arbitrator may determine questions
   29V.    Constructive notice
           Subdivision 5-Restrictions on legal practitioners
   29W.    Legal practitioner not to act for both vendor and purchaser
           under a terms contract

   PART II-MISCELLANEOUS PROVISIONS

   30.     Definitions

           Division 1-Cooling-off periods

   31.     Power of purchaser to terminate a contract for sale of land

           Division 2-Vendor's statements

   32.     Statement of matters affecting land being sold
   33.     Repealed

           Division 3-Insurance

   34.     Power of purchaser to rescind contract where house destroyed
   35.     Insurance held by vendor to enure for benefit of purchaser
   36.     Damage to land

           Division 4-Public auctions

   37.     This Division applies to publicly advertised auctions
   38.     Dummy bidding prohibited
   39.     Offences by auctioneers
   40.     Offence to procure dummy bid
   41.     Permissible vendor bids
   42.     Offence to falsely acknowledge bid
   43.     Conditions of auctions to be made available before auction starts
   44.     Right to compensation if Division breached
   45.     Contrary conditions are void
   46.     Last vendor bids must be identified if property passed in
   47.     Disruption of auction prohibited
   48.     Regulations

   PART IIA-ENFORCEMENT

   48A.    Application of Fair Trading Act 1999.

   PART 3-TRANSITIONAL PROVISIONS

   49.     Application of amendment to section 32-Agriculture Legislation (Amendments and Repeals) Act 2002.
           __________________

           SCHEDULE 1-Particulars of Mortgage
           SCHEDULE 2-Details of Cost of Vendor Finance
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           ENDNOTES
           1. General Information
           2. Table of Amendments

   3.      Explanatory Details