Victorian Consolidated Legislation

Sale of Land Act 1962 - SECT 9AA

Sale of land prior to approval of plan

9AA. Sale of land prior to approval of plan





(1) A person shall not sell a lot in a plan of subdivision (whether certified
or not) to anyone except a statutory body or authority if the plan has not
been registered by the Registrar, unless-



   (a)  the contract for the sale of that lot provides that the deposit moneys
        payable by the purchaser are to be paid-

   (i)  to a legal practitioner, conveyancer or licensed estate agent acting
        for the vendor to be held by the legal practitioner, conveyancer or
        licensed estate agent on trust for the purchaser until the
        registration of the plan of subdivision; or

   (ii) into a special purpose account in an authorised deposit-taking
        institution in Victoria specified by the vendor in the contract in the
        joint names of the purchaser and the vendor until the registration of
        the plan of subdivision; and

   (b)  the deposit moneys payable under the contract do not exceed 10 per
        cent of the purchase price of the lot.



(2) The deposit moneys paid by the purchaser prior to the registration of the
plan under a prescribed contract of sale of a lot shall be paid (as the case
requires)-

   (a)  to the legal practitioner, conveyancer or licensed estate agent acting
        for the vendor; or





   (b)  into a special purpose account in the authorised deposit-taking
        institution in Victoria specified in the contract in the joint names
        of the purchaser and the vendor.





(3) An account established under subsection (2)(b) may be drawn upon only with
the signature of both the vendor and the purchaser or the personal
representative of the vendor or purchaser (as the case may be).

(4) Nothing in this section shall impose any additional liability upon the
authorised deposit-taking institution in respect of any money deposited
pursuant to subsection (2)(b).



(5) A person may sell land under a prescribed contract despite anything in
section 8A.





(6) In this section (except subsection (1)(b)) and sections 9AF, and 9AH
deposit moneys in relation to the sale of a lot includes any moneys which are
part of the purchase price received by the vendor or on behalf of the vendor
before the purchaser becomes entitled to a transfer or conveyance of the lot
and, in the case of any moneys paid into a special purpose account pursuant to
subsection (2)(b), includes any interest from time to time accruing to that
account in respect of those moneys.

(7) In this section and in sections 9AB to 9AF and 10 prescribed contract of
sale means a contract of sale of a kind referred to in subsection (1) of this
section.