On 1 December 2019, amendments were made to the Conveyancing Act 1919 that affect “off the plan” property. What everyone hushed up about was its impact on residential conveyancing.
The new legislation stated that “all Contracts must include a prescribed cooling off statement”. This means that, the prescribed documents must be exactly the same as the regulations.
Solicitors and Licensed Conveyancers who are using the 2019 version will have the proper cooling off period. The 2017 Contracts do not have the prescribed cooling off form.
If you are using a 2017 version, and you exchange it, your Contract it maybe void.
If you have any 2017 Contracts in your office or you had a Contract in your office prior 2019, you should ring your Solicitor or Licenced Conveyancer to ensure that you are using the right Contract.
There is no use selling a property and doing all the hard work to exchange, if it is later rendered void.