The 2016 edition of the Contract for Sale and Purchase of Land is now available for purchase. This new edition is available for selection as an electronic version via our eCOS options.
Please note that the 2005 and 2014 editions of the contract will be available until the 30th June 2016 – a warning notice will appear if you proceed to purchase these editions within this period due to the risks involved for sales over $2M due to Foreign Resident Capital Gains Withholding Payments.
As advised by the Law Society of NSW, due to the Commonwealth's Foreign Resident Capital Gains Withholding Payments beginning 1 July 2016 and the significant changes the Withholding Payments Measure requires in conveyancing practice, the 2005 and 2014 editions of the contract will no longer be sold after 30 June 2016. The Law Society of NSW does not recommend using the 2005 edition of the Contract for Sale of Land or the 2014 edition of the Contract for the Sale and Purchase of Land, where contracts might be exchanged on or after 1 July 2016 - unless the sale price is below $2 million.
A summary of the main changes can be found here:
To find out more about the Electronic 2016 Contract for Sale of Land please get in touch.