Victorian Consolidated Legislation

Sale of Land Act 1962 - SECT 29B

Which terms contracts are prohibited?

29B. Which terms contracts are prohibited?



(1) A person must not sell, under a terms contract, land that is in an
identified folio under the Transfer of Land Act 1958 or is not under the
operation of that Act unless-

   (a)  at the date of the making of the contract, the person has a good safe
        holding and marketable title to the land; and

   (b)  the person-

   (i)  holds an estate in fee simple in the land; or

   (ii) is, as mortgagee, entitled to an estate in fee simple in the land; or

   (iii) is, as mortgagor, entitled in fee simple to the equity of redemption
        in the land; or

   (iv) is empowered by or under an Act to deal with an estate in fee simple
        in the land.

(2) A person must not sell, under a terms contract, land that is under the
Transfer of Land Act 1958 (other than land in an identified folio under that
Act) unless, at the date of the making of the contract, the person is-

   (a)  the registered proprietor of the land; or

   (b)  presently entitled to become the registered proprietor of the land; or

   (c)  empowered by or under an Act to execute a registrable transfer of the
        land.